COFCO International announced the closing for the balance 49% equity stake in Nidera has been completed on Feb 28 in Rotterdam. Patrick Yu, as Deputy Chief Secretary of CPC Leading Group of COFCO, the President of COFCO and Chairman of COFCO international Limited, announced the transaction closed and appointment of Johnny Chi as the new CEO of Nidera, who is meanwhile the member of CPC Leading Group of COFCO, Executive Vice President of COFCO and the CEO of COFCO International Limited.
Patrick expressed gratitude for the effort made by the previous management and raised specific goals for work of next step. He stressed that the new management team will have full support of the Board and is looking forward to that Johnny will will lead the planning and implementation of Nidera’s business strategy, and accelerate the integration of Nidera and COFCO Agri into COFCO International.
Johnny indicated he would lead team to operate businesses in an integrated structure and fully leverage advantages of COFCO Agri's strategic asset and Nidera's powerful origination and trade network in order to implement integration, enhance risk control and realize turnaround. Under the guidance of a unified strategy, that is "Leverage China Market, and Develop Global Business"，he is committed to integrate and transform COFCO International into a truly international Agri business giant in the same league as the ABCDs.
Board directors and investor representitives of COFCO International, relevant staffs from COFCO International, all Nidera management and staff at its Rotterdam headquaters attended at the ceremony.