Associated British Foods AB Foods said on Monday that it has agreed to sell its Chinese cane sugar business to a consortium led by Nanning Sugar, making it the latest foreign company to sell assets in the world’s second-largest economy.
Shenzhen-listed Nanning Sugar said it was paying CNY1.68 billion $252 million for control of the four parts of the business in a statement to the stock exchange. The enterprise value for the business is around $500 million, according to a person familiar with the asset.
Nanning Sugar counts the Guangxi government among its investors. It signaled its intent to make acquisitions in June when it established...
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