Guoquan Food (Shanghai) (HKG:2517) completed the acquisition of a 41% stake in Beihai Daixiaji Food, according to a Tuesday filing with the Hong Kong bourse.
Upon completion of the deal, Guoquan Food's shareholding in Beihai Daixiaji Food will increase to 51% from 10%. However, despite holding a majority stake, Guoquan Food will classify Beihai Daixiaji Food as an associate company rather than a subsidiary, according to a September disclosure.
The company's shares were up by almost 2% at the end of trading.
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