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Chinese group wants to invest in sugar sector

Aiming to fund acquisitions and increase the capacity of its sugar unit on the Stock Exchange of Hong Kong, the Bright Food Group, and dairy food company in Shanghai, plans to go public in 2011, according to Bloomberg. The company aims to buy companies abroad in the sectors of sugar, dairy, wine and food distribution.

The information was announced last Friday by the company president Wang Zongnan. For the executive, the financial platform on the outside will increase the overall profile of the company.

The company plans to raise about $ 458 million (2.5 billion yuanto 3 billion yuan ) in theinitial public offering of Yunnan Yinmore Sugar , the companybought in 2009 .

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