The head of China National Cereals, Oils and Foodstuffs Corp, the country’s largest food trader, has committed to deploying resources and manpower along the Belt and Road Initiative routes over the next five years to help guarantee China’s food supply at home and to its key markets overseas. The Silk Road Economic Belt and the 21st Century Maritime Silk Road initiatives were put forward by President Xi Jinping in 2013, with the purpose of rejuvenating the two ancient trading routes and further opening up the markets…Full Article: China Daily June 2015
- As of June 2015, COFCO had a storage capacity of 15 million MTs, food processing capacity of 84 million MTs, and a shipping capacity of 44 million MTs.
- In May 2015, COFCO announced it would establish a JV (80.1% – COFCO) with China Investment Corporation as precursor to its potential stock market listing in 2019.
- In November 2014, COFCO acquired the state-owned enterprise Huafu Group, a company that manages non-staple food reserves (in China) in addition to processing and distributing food products.
- In October 2014, COFCO announced plans to publicly list some of its assets, including a majority stake in Noble Group Ltd’s agribusiness unit. COFCO also stated it would hold off on major acquisitions amid the IPOs.
- In April 2014, COFCO acquired a 51% stake (estimated at US$1.5 billion) in Noble Group’s Agribusiness Division (trades in grains, oilseeds, sugar, cocoa, cotton, and coffee).
- In February 2014, COFCO purchased a 51% stake (estimated at US$1.2 billion) in Nidera, a Dutch grain trading company.
- In March 2013, COFCO announced that it received $4.82 billion in loans from the China Development Bank in order to stabilize food prices and improve productivity.
- In November 2012, COFCO announced that for the next four years it had approximately US$10 billion to fund overseas mergers and acquisitions.
- In 2009, COFCO became the largest shareholder of Mengniu Dairy (based in Inner Mongolia).
- In 2000, COFCO incorporated CPMC, China’s largest manufacturer of metal packaging products. CPMC produces the aluminum cans used by China’s Snow beer (market share leader of beer sales in China).