China Agri-Industries Holdings (China Agri) and Yakeshi Municipal Government of Inner Mongolia signed an investment agreement days ago, according to which China Agri will invest in Yakeshi by setting up COFCO Malting (Hulunbeier) Co., Ltd. there.
COFCO Malting (Hulunbeier) is planned to reach an annual malting capacity of 300 thousand tons. The first phase will commence construction in July 2008 and put in production in October 2009, expected to reach an annual capacity of 100 thousand tons, an investment of US$ 38.45 million.
Mr. Jiang Guojin, Deputy General Manager of China Agri, and Mr. Jiao Gangwei, Vice Mayor of Yakeshi Municipal Government signed the agreement on behalf of both sides.
COFCO Malting (Hulunbeier) is located in one of China’s main barley areas rich in energy and water resources with convenient transportation. Commencing production, it will improve COFCO’s current malting structure and competitiveness on the market.
