China Food Company Plc, a leading Chinese manufacturer of cooking and dipping sauces, has provided an update on the sale of its animal feed business.

The board has appointed PwC Beijing to manage the sale. Following the initial teaser documents that were distributed, the group has announced that a detailed information memorandum and financial projections have been sent to those parties who have already expressed interest.

PwC Beijing is in contact with potential investors both in China and internationally, and the board said it is pleased to be entering into the next phase of the process.

Operationally, the feed business continues to show growth in sales and is making a positive contribution to the group. Overall, the sale process is on track with the timing that has been outlined previously, with the sale expecting to conclude by summer 2014.