Inner Mongolia Yili to Acquire 51% Stake in Fauji Foods

Inner Mongolia Yili Industrial Group Co has submitted an investment intention letter to acquire a 51 percent stake in Fauji Foods. In a filing on the Shanghai Stock Exchange, Inner Mongolia Yili Industrial Group announced it had submitted an investment intention letter for acquiring a 51 percent stake in Fauji Foods.(Add the Attachment Link) The notification read that “Fauji Foods Limited (“Target Company”) does not have more than 51% of voting rights Shares and control or acquisition of control of the target company (referred to as “proposed transaction”)  for negotiation and discuss. The investment intention letter is limited to the expression company to negotiate acquisition targets with FFBL and other shareholders.” The intention of the company’s shares does not constitute a binding meaning for any party to advance or complete the proposed transaction. Inner Mongolia Yili Industrial Group Co., Ltd. produces and sells dairy products in China and internationally. The company offers liquid milk, milk powder, yoghourt, and ice cream, as well as milk tablets, soybean milk powder, and milk tea powder. Yili staged a remarkable rise up the ranks of the world’s largest dairy companies last year and made it into the top 8 in the newly released Rabobank’sGlobal Dairy Top 20 in 2016. Fauji Foods Limited processes and sells toned milk, milk powder, fruit juices, allied dairy, and food products in Pakistan. The company also provides fruit products. It markets its products under the Nurpur brand. It offers dairy products, such as flavoured milk, butter, whole pasteurized milk, and UHT milk; and processed dairy products, including skimmed and full cream milk powder, UHT cream, and cheese. The company was formerly known as Noon Pakistan Limited and changed its name to Fauji Foods Limited in June 2016.