China Xiangtai Food Co Ltd (NASDAQ:PLIN) announced Wednesday that its subsidiary Chongqing Ji Mao Cang Feed Co Ltd (JMC) has completed about US$5 million in sales of soybean meal in one week.
The company entered into a purchase contract with China Grain Reserve Corporation’s (Sinograin) Zhenjiang Branch to sell it 12,000 tons of soybean meal, which is produced by the residue after oil extraction and is used in food and animal feed as a protein supplement.
“We are pleased to generate such significant sales in one week’s time and expect to maintain a stable sale to Sinograin in the future,” China Xiangtai Food CEO Zeshu Dai said in a statement.
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“Sinograin are very selective in choosing their suppliers and we are proud to be considered as their long-term business partner. By leveraging JMC's expertise in animal feed raw material and formula solutions and the company’s commercial strength, we are confident that this approach will be successful in expanding into the southwest China market and creating value for our shareholders,” the CEO added.
Headquartered in Chongqing, China, China Xiangtai Food is primarily engaged in pork processing, with its operations spanning key sections of the value chain, including slaughtering, packing, distribution, and wholesale of a variety of fresh pork meat and parts.
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