by PENG Peng
Golden Arowana Food Group Co., Ltd., a China-listed food producer, will sell its 50% stakes in two Kellogg's China joint ventures to Mars Wrigley Confectionery (China), a unit of Mars, for a combined US$60 million, the company said on Jan 15.
The deal covers a Shanghai-based joint venture and a Kunshan-based joint venture, priced at US$45 million and US$15 million, respectively, following board approval on Jan 14.
An appraisal cited in the filing showed the Shanghai JV had a book value of about 93.1 million yuan at the valuation date, compared with an appraised value of around 630 million yuan. The Kunshan JV had a book value of nearly 110 million yuan and an appraised value of more than 210 million yuan.
After completion, the Kunshan JV will continue to lease production facilities and land from a Golden Arowana subsidiary for three years.
The company said the disposal is expected to affect its 2026 earnings by more than 10% of its 2024 audited net profit attributable to shareholders.
The remaining 50% stakes in the two ventures were previously held by Kellogg's Hong Kong Private Limited, according to the filing. Kellanova, which Mars acquired last month, owns brands including Kellogg's cereals, Pringlesand Cheez-It. Mars said on Dec 11, 2025 it had completed its US$35.9 billion acquisition of Kellanova, one of the largest deals in the global food industry.
Separately, Golden Arowana said in its third-quarter 2025 results that revenue rose 3.96% year on year to 68.59 billion yuan, while net profit attributable to shareholders surged 196.96% to 993 million yuan, helped by higher sales volumes across its food and oil products.
