Huanlejia Food to Set Up Indonesian Coconut Processing Plant for $21 Million; Shares Up 3%

MT Newswires

Huanlejia Food Group's shares were up over 3% in recent trade after disclosing plans to build a coconut processing plant in Indonesia for $21 million, according to a Shenzhen bourse filing on Monday.

The plant will produce raw, coconut-based ingredients, including cold-pressed coconut milk, coconut water, and shredded coconut, for export.

The construction will take 12 months, the filing said.

The Chinese canned fruits and beverages producer, through subsidiary Huanlejia (Hong Kong) International Holdings, will also establish an Indonesian subsidiary for 3.398 trillion Indonesian rupiah. The planned subsidiary will manage the construction and operations of the plant.

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