China Haisheng juice unit forms joint venture to expand fruit business

Hong Kong-listed China Haisheng Juice Holdings said a unit has agreed to form a joint venture with Zhaoyang Agriculture to modernize fruit plantations in China's Yunnan Province.

The new company will have a registered capital of 110 million yuan ($17.3 million) of which 77 million yuan will be contributed by unit Zhaotong Haisheng. Zhaoyang Agriculture will contribute 33 million yuan. Upon completion, China Haisheng will hold a 70% interest in the company.

In a filing to the exchange on Monday, the manufacturer and seller of fruit juice concentrates said the venture will further expand its plantations and fruits business in Zhaotong City.

The group currently has 63 fruit and vegetable production bases in China.

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