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Asia Bio-Chem Announces Acquisition of Tieling Wanshunda Starch; Shares Fall 16%

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Asia Bio-Chem Group Corp. (ABC.TO) has successfully completed the acquisition of all the issued and outstanding shares of Tieling Wanshunda Starch Company Ltd., a wholly foreign owned enterprise under the laws of the PRC, for $44.8 million.

The sole operation of Tieling is a corn processing plant in Tieling City of Liaoning Province in the PRC.

"The acquisition of Tieling represents an opportunity to grow the company's annual corn processing capacity from current 0.9 million tons to 1.5 million tons at an extremely attractive price" stated Zhiping Wang, President and CEO of Asia Bio-Chem.

ABC shares were down a penny to $0.05 on volume of 99,500.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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