Tingyi Ups Capex Budget And Targets Mainland Growth

On the eve of its Taiwanese stock market debut, domestic food producer Tingyi Holdings has announced plans to almost double capital expenditure in 2010 as it seeks to exploit the opportunities presented by China's sustained economic growth. Using funds raised from the issuance of 380mn in Taiwan Depositary Bonds, Tingyi will lift investment from US$268mn in 2009 to US$500mn in 2010. It will seek to expand in mainland China and take advantage of BMI's average annual GDP growth forecast of 7.9% through to 2014.

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