SINGAPORE, Sept 2 Singapore-listed China
Minzhong Food Corp Ltd, which has denied accounting
issues raised by a short-seller, said its biggest shareholder is
considering making an offer for the company.
China Minzhong said that if Indonesia's Indofood Sukses
Makmur Tbk PT, which has a 29.3 percent stake in the
firm, makes the offer, it is expected to be announced later on
China Minzhong lost close to half its market value last week
after California-based Glaucus Research published a 49-page
report on accounting issues at the company.
Trading in China Minzhong's shares was suspended. The
company said on Sunday that it had completed a review of the
report released by Glaucus and strongly refuted what it viewed
as "reckless opinions" and "inferences" drawn by Glaucus.
Glaucus did not immediately respond to an email from Reuters
about the denial, which was sent outside of office hours.
The market value of China Minzhong, which sells fresh and
processed vegetables, fell to around $270 million in the wake of
the Glaucus report.
(Reporting by Anshuman Daga; Editing by Richard Pullin)