China Foods Limited (00506) said its subsidiary COFCO Tianjin, during the period from 10 September 2014 to 9 February 2015, subscribed for the wealth management product offered by China Construction Bank (Beijing branch), with an aggregate amount of RMB1.5 billion.
The wealth management product is principal-guaranteed in nature, and is similar in nature to fixed deposits. The expected annualized return rate would be between 3% and 3.7%, with term of 884 days from 27 March 2013.
Meanwhile, China Foods said it has obtained a confirmation from Wide Smart, the controlling shareholder, that Wide Smart has approved, confirmed and ratified the subscriptions of the wealth management product.
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