Shanghai-based Bright Food (Group) Co. Ltd. signed a strategic partnership agreement with Food Holdings Pty Ltd. (Manassen Foods) on August 29 in Sydney, under which Bright Food will acquire a 75-percent equity stake in Manassen Foods.

Under the agreement, the remaining 25 percent shareholding in Manassen Foods will be retained by its current shareholders.

Bright Food said that this historic cooperation would provide major export benefits for Australian producers while expanding the international footprint of Bright Food.

This transaction has received the approval of Australian Foreign Investment Review Board and is subject to customary completion conditions and Chinese regulatory approvals.