(Yicai) Feb. 8 -- China’s Angel Yeast, one of the world’s biggest yeast producers, said it has no plans to build a factory in Brazil at the moment.

Angel Yeast announced on Jan. 24 that it would set up a subsidiary in Brazil to build and operate a local warehouse and a sales team to achieve further localization in the international market and improve its overseas operational capabilities. The Brazilian unit would have a registered capital of USD1 million.

In the past three years, Angel Yeast’s business in Brazil logged an average annual growth rate of over 20 percent, showing promising development prospects, the Yichang, Hubei province-based company noted.

On Dec. 19, Angel Yeast announced that its Egyptian unit would invest USD938,000 to set up a joint venture with Bosaba in Algeria, focusing on the yeast and food ingredients business.

Angel Yeast reported overseas revenue of CNY3.5 billion (USD492 million) in the first three quarters of last year, up 20 percent from a year earlier and exceeding the value of its domestic revenue. As of Sept. 30 last year, the company had 21,825 dealers, including 5,219 overseas ones.

Angel Yeast’s shares [SHA: 600298] were trading up 0.4 percent at CNY34.75 (USD4.89) as of lunch break in Shanghai today.

Editor: Futura Costaglione