Beijing Fangshan People’s Court declared on February 12 that COFCO achieved a legal right to take over local instant noodle company Wu Gu Dao Chang.
On the court COFCO rep granted a 109 million RMB check to Wu Gu Dao Chang bankruptcy and restructuring management rep. The fund will be devoted exclusively to debt and bankruptcy.
As planned in the reshuffling, former Wu Gu Dao Chang shareholders will free transfer their share of the company to COFCO.
COFCO is China’s largest grain, oil and food trader and processer, leading the country’s oilseeds processing, flour, sauces and flavor producing and other raw materials production for instant noodle. The reorganization will lead COFCO into instant food industry and extend its industrial chain.
