China moved forward with the restructuring and consolidation of two of the country’s biggest state-owned agriculture firms by putting together two join ventures to preside over overlapping businesses, reports Caixin.
State-owned grain giant Cofco Corp and national grain stockpiler China Grain Reserves Group, also known as Sinograin, signed agreements on the ventures last month, according to a report Monday by a media outlet backed by the State Council’s State-owned Assets Supervision and Administration Commission.
One of the joint ventures will be a grain storage business to be controlled by Sinograin. The other will be for oilseed crushing and processing controlled by Cofco, according to the report. The new businesses have yet to be officially registered, according to Caixin.