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Haid Group To Build Three New Feed Plants

CHINA - Haid Group Co Ltd, an aquatic and poultry feed producer based in Guangzhou, Guangdong province, has announced that it plans to spend a total of RMB249 million to build three plants with a combined annual output of 640,000 tons of feed.

One plant, which will be located in Changzhou, Jiangsu Province and will cost RMB98.6 million, will include five production lines for granulated feed and two for the production of extruded feed.

Haid Group will also invest RMB82 million to build a 220,000-ton plant in Jieyang, Guangdong province The third plant, which will be located in Chengmai, Hainan Province, will produce 180,000 tons of feed.

The three plants are expected to go into operation in 2011.

In addition, the enterprise intends to invest up to US$8 million to launch a wholly owned subsidiary overseas for materials procurement in the international market.

Haid Group, which listed on ChiNext, China's Nasdaq-style stock market, on 27 November 2009, raised RMB1.5 billion through an initial public offering, RMB861 million more than its target.

The firm will use RMB183 million of the surplus funds to repay bank loans and RMB309 million to develop projects under construction or in the pipeline, it said at the third extraordinary shareholder meeting of 2009.

the Fish Site Editor

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