Fufeng Group (HKG:0546) Chairman and General Manager Bought Six Million Shares in Fufeng
Hong Kong, Aug 22, 2011 AEST (ABN Newswire) - Fufeng Group Limited (
HKG:0546) (PINK:FFNGY) ("Fufeng" or "the Company", together with its subsidiaries collectively known as "the Group"), the largest manufacturer and supplier of MSG in China and the largest manufacturer of xanthan gum in the world, announced today that its substantial shareholder and chairman, Mr. Li Xuechun and its executive director and general manager Mr. Wang Longxiang have increased their equity stakes in Fufeng, showing their confidence in the Group's business development and prospects.
Mr. Li Xuechun purchased 5 million shares of Fufeng at an average price of approximately HK$4.25 per share from 16 to 18 August 2011, for approximately HK$21.26 million. Mr. Li's effective equity interest in the Company increased to 46.37% from 46.08%.
Moreover, Mr. Wang Longxiang bought 1 million shares of the Company at an average price of HK$4.25 per share on 18 August 2011, for approximately HK$4.25 million. Mr. Wang's effective equity interest in Fufeng increased to 0.40% from 0.34%.
This is the second time Mr. Li increased his equity stake in the Company this year. He did so last time at the end of June. Mr. Li said, "The General Manager Mr. Wang Longxiang and I, as the Chairman, increased our equity stakes in Fufeng because we are confident in the development of the Group. As a leading corn-based biochemical manufacturer in China, Fufeng leverages its leading market position and economies of scale to capture business opportunities. The Company will continue to expand its production capacities and drive industry consolidation with an aim of developing itself into a leading corn-based biochemical manufacturer in the world."
About Fufeng Group Limited
Fufeng Group (
HKG:0546) is the world's largest producer of MSG, xanthan gum and a major supplier for a series of bio-fermentation products. The main products of the Group are food additives, animal nutrition, colloid and high-end amino acids. In fiscal 2016, Fufeng generated sales of approximately RMB11.2 billion and profit attributable to shareholders of about RMB1.09 billion. For more information, please visit our website www.fufeng-group.com
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