HONG KONG'S COFCO INTERNATIONAL CARRIES OUT INTERNAL RESHUFFLE.

HONG KONG, Jan 1 Asia Pulse - An internal reshuffle by COFCO International (HKSE:0506K), the Hong Kong-listed vehicle of China's largest foodstuff trader China National Cereals, Oils & Foodstuffs Corporation (CNCOFC), was proceeding as planned, the Hong Kong company's president Qu Zhe said on Dec. 28 in Hong Kong.

He said the company had handed an application to the Hong Kong Stock Exchange on the H share float of a wholly-owned subsidiary on October 6, but the actual date for the initial public offering (IPO) would depend on the stock bourse.

Qu declined to comment on whether the Hong Kong-listed company would return to mainland stock markets as most overseas-listed state-owned companies do.

COFCO International is a 68.415 per cent-owned subsidiary of COFCO (Hong Kong) Limited, which is 100 per cent owned by the Beijing-based CNCOFC.

Earlier this year, CNCOFC chairman Ning Gaoning, an entrepreneur widely regarded as good at financial operations, said the group company would build itself into China's largest and most powerful edible oil and food company by adjusting its trading-cored business mix on the basis of ...