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Chinatex merges with COFCO after govt approval
22
Jul '16
Courtesy: Chinatex
Courtesy: Chinatex
China's state-owned Assets Supervision and Administration Commission (SASAC) has approved a merger of textile and grains trading group Chinatex Corp with the country's largest grain processor and trader China National Cereals, Oils and Foodstuffs Corp (COFCO).

Chinatex will become a subsidiary of COFCO after the merger, the SASAC announced last week. Both Chinatex and COFCO are state-owned entities.

The merger had been expected as part of China's efforts to improve the competitiveness of its sprawling and inefficient state-owned sector.

Total profits for central government SOEs declined by 3 per cent during the first half of the year, to 623.47 billion yuan ($93.32 billion), SASAC said, according to a state media report. revenue for the companies declined by 1.8 per cent to 10.8 trillion yuan for the period.

COFCO is restructuring as it integrates the grain trading business acquired from Noble Group late last year. It is eyeing further acquisitions overseas.

After taking control of competitor Chinatex Corp, COFCO announced it will close six departments at its headquarters and establish professional operating platforms to manage some of its businesses. (SH)

Fibre2Fashion News Desk – India

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