China’s Jiajia Food acquires Dalian Ocean Fishing for $704 mln

Jiajia Food, a Chinese producer and distributor of seasoning products, has acquired Dalian Ocean Fishing (DOF) for 4.71 billion Chinese yuan ($704 million), comprising 700.38 million Chinese yuan ($104.7 million) in cash raised via a capital increase and in 792.41 million new shares. 

Jiajia wants to expand its portfolio by breaking away from a unified product line-up to boost profits and business performance. 

The group generated a net profit of  343.88 million Chinese yuan ($51.4 million) on revenue of 758.69 million Chinese yuan ($113.5 million) in the 12 months ended on 31st December 2017.

For the last two years, a subsidiary of Mitsubishi has accounted for more than 80.0 percent of DOF’s sales, making the group the largest Chinese supplier to the Japanese high-end tuna market.