Shares of Maniker Co., a South Korean manufacturer of chicken products, surged Monday on news of an equity investment by Korean food giant CJ Cheiljedang Corp.
The chicken producer said in a disclosure on Friday that it will sell 16,336,056 shares at 857 won apiece to CJ Cheijedang and pull in fresh capital of 14 billion won ($13 million). The offering will make CJ Cheiljedang the second largest stakeholder with a 12.27 percent stake after Easy Bio Inc., which owns 22.81 percent of the company.
Maniker shares hit the 30 percent daily limit on Monday, soaring 29.55 percent to finish at 1,140 won. Shares of CJ Cheiljedang, which had been as low as 310,000 won in late April, closed at 382,000 won, up 2.55 percent from the previous session.
CJ Cheiljedang has been actively upping investments in recent years to expand its food and bio businesses. Last week it announced it was mulling a plan to acquire a U.S. food processing company to gain an edge in the overseas food market.
By Shin Heon-cheol and Kim Hyo-jin
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