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Wednesday, 10 October 2018, 22:53 HKT/SGT

Source: Ausnutria Dairy Corporation Ltd
Ausnutria Announces the Proposed Introduction of CITIC Agri Fund Passed by a Majority Vote at the EGM

HONG KONG, Oct 10, 2018 - (ACN Newswire) - Ausnutria Dairy Corporation Ltd ("Ausnutria" or the "Company", together with its subsidiaries, the "Group"; stock code: 1717.HK), a company engages in the research and development, production and distribution of all dairy products (including infant formula) and nutrition products with production facilities principally based in the Netherlands, Australia, New Zealand and the PRC, is pleased to announce that the resolution for the proposed issue of 249,000,000 new shares to CITIC Agri Fund Management Co., Ltd. ("CITIC Agri Fund") was duly passed at the extraordinary generally meeting (the "EGM") held today.

During the EGM, shareholders officially approved the proposed issue of 249,000,000 new shares to CITIC Agri Fund at a total consideration of HK$1,289,820,000. Taking into account the conditional sale of 130,000,000 Shares by the Company's current substantial shareholder, the Center Lab Group ("Center Lab"), to CITIC Agri Fund, CITIC Agri Fund will therefore be interested in 23.97% of the total number of enlarged issued Shares, and replace Center Lab and its subsidiaries as the single largest Shareholder of the Company upon completion of the Subscription and the Transfer. Center Lab and its subsidiaries will be holding approximately 23.74% of the Shares and remain as one of the substantial Shareholders of the Company. In addition, the Company was informed by CITIC Agri Fund prior to the EGM, that the above transactions had been approved by the Australian Foreign Investment Review Board, while the declaration of capital outflow had been approved by the Development and Reform Commission of Hunan Province and the Department of Commerce of Hunan Province, and is subject to the approval of the Hunan Branch of the State Administration of Foreign Exchange. It is expected the completion of the Subscription will be taken place within this month.

Mr. Yan Weibin, Chairman and Executive Director of the Group, said "We would like to express our heartfelt appreciation to our shareholders for their support towards the resolution. As one of the leaders in the dairy industry, the Company has been committed to consolidating the global supply chain and deploying our globalised business network through multiple substantial capital investments and mergers and acquisitions. We believe that the Subscription offers a good opportunity to raise additional funds to strengthen the financial position and broaden the capital base of the Group. Furthermore, the strategic introduction of competent shareholders will enlarge our shareholder base and strengthen our shareholder profile, which will facilitate the synergy that favors our long-term development. Looking ahead, we will adhere to the mission of "Nourishing Life & Growth" and the vision of "Becoming the World's Most Trusted Formula and Nutrition Health Company", focus on the Company's sustainable development, enrich and optimize our investor structure, as well as further enhance our share liquidity and corporate value, so as to create greater value for our consumers and stakeholders."

About Ausnutria Dairy Corporation Ltd.
Ausnutria Dairy Corporation Ltd is a leading infant milk formula company with production facilities principally based in the Netherlands, Australia, New Zealand, and the PRC The Company is engaged in the worldwide research, production and sales of infant formula, adult milk and other dairy and nutrition products. It owns several famous infant formula and milk powder brands, including "Kabrita", "Allnutria" and "Hyproca". Ausnutria's factories in the PRC were among that first batch of factories that had been granted with the National Infant Formula Enterprise Production Permit. The factory in the Netherlands is also one of the first infant milk formula manufacturers to obtain import licenses for overseas products under the new policy in the PRC.

Oct 10, 2018 22:53 HKT/SGT
Topic: Press release summary
Sectors: Investors/Exchanges, Daily Finance, Food/Beverage
From the Asia Corporate News Network

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