(Yicai Global) Sept. 17 -- Hunan Dakang International Food and Agriculture has recently decided to separate and sell its Brazilian biodiesel assets with the utmost speed to further concentrate the company's resources in trading in its core grain, staple food and beef cattle segments.
The company board has passed the resolution and it got the go-ahead from management to sever biodiesel unit Green Ventures Industria de Biodiesel's assets and have these audited and appraised, the staple and other foodstuff provider headquartered in south-central China's Hunan province said in a Sept. 14 statement.
Dakang International's Brazilian controlled subsidiary Fiagril holds 99.9998 percent of the biodiesel producer's shares, while another local firm under its umbrella, Dakang Fiagril Participoes, has the rest, public information shows.
The subject company produces and warehouses biodiesel and imports and exports its raw materials, the statement said, but without offering details.
Divestiture will enable Fiagril to funnel its primary resources into growing its core business, optimize its relationships with domestic agricultural operators, enlarge its farm produce trade business, shed low-efficiency production, control business risks and lower costs, per the statement.
Dakang International Food and Agriculture mainly plies the foodstuff, beef cattle, dairy and pork product businesses, public information shows.
Editor: Ben Armour