China Food and People's Safety (08283) announced that on November 10, 2023, the company, as a potential buyer, signed a non-legally binding memorandum of understanding with Zhongjian Enterprise Development (Shanghai) Co., Ltd. (potential seller).
According to the memorandum of understanding, the company or its subsidiaries intend to acquire shares in Shanghai Tianji Zhongwei Industrial Development Co., Ltd. (the target company, wholly owned by the potential seller on the date of this announcement) from potential sellers. The exact figures will be determined through further negotiations between the company and the potential seller and a formal agreement.
According to reports, the target company is mainly engaged in providing high-quality food supply, fresh food takeout, and managing a supply chain platform for agricultural products.