YBTI plans to invest 16 million yuan in a coffee plantation project
YBTI announced that it will invest 16 million yuan to establish a coffee plantation project in Lushui City, Nujiang Lisu Autonomous Prefecture, Yunnan Province. This move aims to promote the transformation and upgrading of the company's main business and build a complete coffee industry chain. The investment will be implemented through a wholly-owned subsidiary and a cooperation agreement will be signed with the local government and agricultural investment companies. This investment accounts for 1.77% of the company's net assets at the end of 2023
According to the Zhitong Finance APP, YBTI (600883.SH) announced that in order to deeply implement the company's strategic transformation and upgrading development, and actively expand and build a complete industrial chain system for coffee planting, raw material procurement, primary (deep) processing, product research and development, transit storage and transportation, sales services, and coffee trade, the company has established a wholly-owned subsidiary in Lushui City, Nujiang Lisu Autonomous Prefecture, Yunnan Province, with the Yunnan coffee main production area as the foothold (the new company is subject to approval and registration by the market supervision and management department, the same below). This wholly-owned subsidiary will serve as the implementation entity and will sign the "Cooperation Agreement for the Development Project of the Coffee Industry in Lushui City" (hereinafter referred to as the cooperation agreement) with the People's Government of Shangjiang Town, Lushui City (hereinafter referred to as the Shangjiang Town People's Government) and Lushui Agricultural Rural Investment Development Co., Ltd. (hereinafter referred to as Lushui Agricultural Investment Company). The company will invest its own funds in the coffee planting base project, with a total estimated investment of 16 million yuan (the final total investment is subject to actual investment), accounting for 1.77% of the company's audited net assets at the end of 2023 and 1.67% of the company's unaudited net assets at the end of the third quarter of 2024
