From AFR:
Chinese retail giant Dashang Group is poised to emerge as a major shareholder in ASX-aspirant Beston Global Foods Company.
Dashang has 200 stores in 150 cities and a turns over more than $6.5 billion a year.
It has agreed to subscribe to 14.9 per cent of Beston's stock through the initial public offering and has agreed not to boost its stake for at least two years, according to a prospectus lodged with the regulator.
Beston generates revenue from dairy, meat, seafood and health foods and has integrated operations across production, processing and distribution. The company also has distribution agreement with Dashang.
Beston's existing shareholders include Regal Funds Management, IG Invest and Allianz.
Beston is seeking to raise up to $130 million at 35¢ a share, as revealed by Street Talk.
Bell Potter is the sole lead manager on the float, while Bell Direct and Morgans are the co-lead managers.
