China National Cereals, Oils and Foodstuffs Corporation?- the country's largest food processing company and manufacturer?- said on Monday that it has received 30 billion yuan ($4.82 billion) in loans from China Development Bank.
According to COFCO, the loan will be used to increase supplies, improve food safety and stabilize food prices in the country.
Founded in 1952, COFCO is one of the largest State-owned companies. It has four companies listed in Hong Kong, including Mengniu Dairy Co Ltd, and three companies listed on mainland China, such as COFCO Tunhe Co Ltd.
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