China Food Company PLC Appointment of Non-Executive Director (5548K)
July 31 2013 - 2:02AM
UK Regulatory
TIDMCFC
RNS Number : 5548K
China Food Company PLC
31 July 2013
Press Release 31 July 2013
China Food Company Plc
("China Food" the "Company" or the "Group")
Appointment of Non-Executive Director
China Food Company Plc (AIM:CFC), the leading Chinese
manufacturer of cooking and dipping sauces, is pleased to announce
the appointment of Daniel Saw as a Non-Executive Director which
marks a significant strengthening of the Board and management of
China Food. Daniel joins the Board with immediate effect.
Daniel brings to China Food Company considerable sector
expertise from his extensive experience of working with Chinese
food manufacturers. He is currently the CEO of China Huiyuan Juice
Group Limited, a Hong Kong listed beverage company. Previously, he
served as the president of Asia at Campbell Soup Company, a New
York Stock Exchange listed company, and before that he was Chief
Executive Officer and board member of Lee Kum Kee, a global Chinese
soya sauce brand with annual revenues exceeding HK$1 billion. His
experience in global FMCG businesses includes roles at Cadbury
Confectionery, Kraft Foods and Philip Morris, at both a regional
and an international level.
This appointment is supportive of the Group's strategy, which is
further underpinned by the ongoing growth in the Chinese economy as
evidenced by the strong retail sales growth of 12.7 per cent in the
first half of 2013 (source: the National Bureau of Statistics
("NBS")).
As previously outlined, the Board remains focused on the further
growth of the condiments business, with increased emphasis on
balancing marketing spend against sales volume. The sale process of
the Group's animal feed business is being progressed with an
international adviser now appointed to manage the process, which is
expected to complete during the course of next year.
John McLean, Chairman of China Food, said: "I am delighted to
welcome Daniel to the Board of China Food. He has extensive
experience in the food industry and will be a strong addition to
the Board to support the Group in its next phase of growth. China
Food has built a state of art production facility and the Board is
pleased to be bringing in the skills and talent to match that, and
to be enhancing the management team with individuals who will help
in our strategy to capitalise on the rapid urbanisation in China.
With Daniel's valuable input to the Board, particularly with
respect to the Group's strategy, as well as other appointments that
the Company will be making at a senior management level, the team
will be further improved to enable us to rapidly develop the
business."
Daniel Saw, aged 54, is a director/partner or has been a
director/partner of the following companies/partnerships during the
previous five years:
Campbell Soup Company
Lee Kum Kee Sauce Group
Save for the information disclosed above there is no other
information to be disclosed on Daniel Saw under Schedule 2(g) of
the AIM Rules.
- Ends -
For further information:
China Food Company Plc
John McLean, Chairman Tel: +44 (0) 7768 031
454
www.chinafoodcompany.com
Numis
David Poutney - Head of Corporate Tel: +44 (0) 20 7260
Broking 1000
finnCap (Nomad)
Geoff Nash / Ben Thompson (Corporate Tel: +44 (0) 20 7220
Finance) 0500
Simon Starr (Broking)
Media enquiries:
Abchurch Communications
Henry Harrison-Topham / Joanne Tel: +44 (0) 20 7398 7709
Shears
joanne.shears@abchurch-group.com www.abchurch-group.com
Notes to Editors:
China Food is a well-established food manufacturing business
based in Shandong province in the People's Republic of China, a
region with a population of circa 94 million. A recent report
identified Shandong province as one of the five most attractive
'city clusters' in China, due to the high number of large cities in
the province*. The Group manufactures numerous different product
lines including soya sauce and bean paste, all targeting the
Chinese domestic market, and sold through a network of distributors
and outlets of supermarket chains in the north-eastern region of
the PRC, such as Walmart, Carrefour and Jialejia.
The Chinese sauces, dressings and condiments market is expected
to be worth CNY115 billion (US$15 billion) by 2013, driven by
Chinese population growth and economic prosperity. The Chinese
domestic market is rapidly expanding, and the Group is well
positioned to benefit from China's demographic growth and increased
urbanisation.
The Group's operations are highly scalable and able to support
further growth, and with net assets of GBP32 million (as at 31
December 2012), the prospects for China Food are strong. Further
information on China Food Company can be found at
www.chinafoodcompany.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
BOAEFLBXXDFXBBB
China Food Co. (LSE:CFC)
Historical Stock Chart
From May 2024 to Jun 2024
China Food Co. (LSE:CFC)
Historical Stock Chart
From Jun 2023 to Jun 2024