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Shandong Ruyi completes acquisition of Cubbie cotton field
15
Mar '13
China-based Shandong Ruyi Group has completed the process for acquisition of Cubbie cotton field, located in the southeast of Queensland in Australia.
 
The completion of equity settlement for acquisition of Australia’s largest cotton production base required Au$ 230 million. The initiative was led by Ruyi Group, which also had one Australian company as a co-sponsor.
 
Since the acquisition process is now complete, Shandong Ruyi Group will now be able to obtain a stable source of high-quality cotton.
 
In the process, the Chinese company may also be able to influence Australian cotton production and export pricing.
 

Fibre2fashion News Desk - China

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