TIDMCFC

RNS Number : 9146M

China Food Company PLC

24 September 2012

 
   Press Release     24 September 2012

China Food Company Plc

("China Food" the "Company" or the "Group")

Board Appointment

China Food Company Plc (AIM:CFC), the leading Chinese manufacturer of cooking and dipping sauces, is pleased to announce that it has appointed Clifford Halvorsen to the Board as a Non-Executive Director with immediate effect.

Mr. Halvorsen joins China Food following a career in the City with Investec and Hambros Bank, where he was a corporate finance director. He has over 25 years' experience of originating and executing a wide range of transactions in the UK, continental Europe, the USA and South Africa with a focus on the consumer sector.

John McLean, Non-Executive Chairman of China Food, said: "I am delighted to welcome Clifford to the Board of China Food. We are confident that his significant business experience will support the Group in its next phase of growth. Clifford has extensive experience in corporate finance, as well as broad knowledge of the food industry. We hope that, with his valuable input, particularly into the Group's strategy, we can continue to rapidly develop the business and capitalise on the increased production from our new facility."

Clifford Longdon Halvorsen, aged 53, has not held any directorships over the last 5 years and does not currently hold any directorships.

Save for the information disclosed above, there is no other information falling to be disclosed on Mr. Halvorsen under Schedule 2(g) of the AIM Rules.

- Ends -

For further information:

 
 China Food Company Plc 
 John McLean, Non-Executive Chairman        Tel: +44 (0) 7768 031 
                                                              454 
 Raphael Tham Wai Mun, Chief Executive 
                                         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 Shears     Tel: +44 (0) 20 7398 
                                                           7709 
 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 first phase of expansion is now complete at the Group's new factory, which was officially opened on 12 May 2010, and this doubles China Food's current capacity. It is proposed that in due course there will be a further two phases, adding capacity of 100,000 tonnes through the building of 230 additional silos. The Group plans to expand into the neighbouring provinces such as Henan and Hebei.

The Group also operates an animal feed business, Fuss Feed. This business produces premix, concentrate and compound feedstuffs, and is the third largest animal feed business in Shandong, an important province for the production of livestock in China.

The Group's operations are highly scalable and able to support further growth, and with net assets of GBP39 million (as at 31 December 2011), the prospects for China Food are strong. Further information on China Food Company can be found at www.chinafoodcompany.com.

*McKinsey Quarterly Report: Is your emerging market strategy local enough?, April 2011

**Source: Datamonitor report: Sauces, Dressings and Condiments in China to 2013, April 2010

This information is provided by RNS

The company news service from the London Stock Exchange

END

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