A CHINESE food and beverage company is seeking capital of between $7.2 million and $12 million as part of a plan to list on the Australian Securities Exchange.
Bojun Agriculture Holdings, based in the Jiangxi province of China, produces fruit vinegar beverages from nanfeng mandarins and fruit-based snack foods for the Chinese market.
The company was founded by Chinese director Bo Zhu and chaired by former NSW deputy premier Andrew Stoner.
Dr Zhu is a director of the Jiangxi Horticultural Society in China.
The other three directors, including former ASX adviser Nicholas Ong, are Chinese-born.
Bojun Agriculture is offering between 24 million and 40 million shares at 30 cents each.
The company has 96 million shares already on issue, mostly held by Chinese investors
It plans to list on the ASX in early November.
The funds raised will be used for market expansion costs, paying for factory upgrades and extensions, research and development in China and Australia, and covering other costs.
Mr Stoner said Bojun Agriculture was looking forward to listing on the ASX.
“The launch process brings about many opportunities for Bojun to continue its development in China, and to become one of the prominent companies in the fruit-based foods and beverages industry,” he said.
“Bojun Agriculture is seeking an ASX listing to enable collaboration and research with Australian agricultural entities, source Australian agricultural products for distribution in China, and to provide capital to continue to invest in the development of new products to expand distribution.”