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China National Cereals, Oil and Foodstuffs Corp (COFCO), the largest state-owned agricultural conglomerate, intends to acquire more overseas sugar companies, Chairman of the Board Frank Ning said on Thursday on the sidelines of the annual National People's Congress and Chinese People's Political Consultative Conference sessions in Beijing.
COFCO said on its website that it took a 99 percent controlling share in the company after purchasing Mackay Sugar's 31.5 percent stake in Tully. But it lost a bid for Prosperpine Sugar, another Australian company, last December.
"China's sugar imports will increase over time", Ning said, to meet growing domestic demand. He declined to disclose further details.
Ning said the company also plans to invest in foreign soybean and corn industries, as well as import fruits and snack food from Taiwan for sale on the Chinese mainland.