On September 15, COFCO and the State-owned Assets Supervision and Administration Commission (SASAC) of the Xinjiang Uygur Autonomous Region signed an agreement entitled, “Concerning COFCO’s Reorganization of the Xinjiang Sifang Sugar Group.” This marks the substantive phase of the cooperation between COFCO and Xinjiang Sifang Sugar.
At the signing ceremony, Zheng Hongbo, Chief Economist of COFCO, indicated that COFCO would be providing Sifang with at least 200 million yuan for working capital during the year 2005/2006 to ensure that the sugar beets can be purchased and processed and to improve the company’s performance. As part of the reorganization, COFCO will also be making improvements in sugar beet cultivation and production equipment, growing more superior varieties of beets and integrating sales and marketing with the ultimate goal of doubling Xinjiang sugar production within 5 years.
Sifang Sugar has four subsidiaries: Yili Sifang Sugar Group, Xinyuan Sugar Co., Ltd., Boertala Mongolian Autonomous Prefecture Tianyuan Sugar Industry Co., Ltd. and the Changji Sugar Plant. They have a combined daily processing capacity of 15,000 tons of sugar beets.
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COFCO Reorganizes Xinjiang Sifang Sugar
Release Time : 2012-03-20
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