On September 25, 2008, Asia Bio-Chem Group Corp. (TSXV: ABC) announced that it had closed its previously announced acquisition of 100% of the shares of Daqing Biochemical Company Ltd. for a purchase price of approximately $24.7 million. Daqing owns a partially completed, 600,000 tonne corn processing plant in Zhaoyuan County of Heilongjiang Province in the Peoples Republic of China.
Asia Bio-Chem, through its wholly-owned subsidiary in the Peoples Republic of China, is in the business of manufacturing cornstarch and related products.
Asia Bio-Chem was advised in this transaction by a team from Fasken Martineau that included Rubin Rapuch, Georald Ingborg and Lindy Bremner.