China’s Cofco to sell winery stake for 11 pence
China’s Cofco conglomerate has said it will sell its controlling stake in Chateau Junding and a related wine subsidiary in the country for just 1 yuan.
The offer means that it would be possible to buy Cofco’s 55% stake in Junding Winery Co and Shandong Cofco Junding Wines & Spirits Co in Shandong province for 1 RMB, the equivalent of 11 British pence or 15 US cents.
However, the caveat is that the buyer must also pick up the debt of those two wine ventures, equal to 392m yuan (£42m).
The money would be owed to Cofco, the firm said in a stock exchange filing this week.
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