President Group plans to spin off its mainland business for listing in HK

Newspaper citing member of management team of President Group said President Group would spin off its mainland food business for listing in Hong Kong.The report indicated President owned 37 companies in mainland, including 24 food companies, half of which had won profit. The group planed to combine these profiting companies into a holding company to be listed in Hong Kong.The mainland business of the group was reported to have see a turnover at mln Tai Wan dollars, profit at 1bln dollars and its local sale turnover at 32 bln.The group was planning to set up a financial holdings company in Tai Wan, report said.

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