Nanjing Red Sun has rolled out a two-step plan to acquire 60 percent of Argentina-based agriculture products producer Ruralco in a deal valued at about $23 million, according to a statement the Chinese company sent to the Shenzhen Stock Exchange on Tuesday.
Initially, Red Sun, based in Nanjing, capital of East China's Jiangsu Province, would buy a 26.67 percent stake in Ruralco from five individual shareholders by paying $8 million, the statement noted.
Red Sun would inject "physical products" worth $15 million to increase its capital in Ruralco.
