Asia Bio-Chem Announces Contract with Zhaoqing Huanfa of China

Toronto-based Asia Bio-Chem Group Corp. announced that it has signed an agreement with China-based Zhaoqing Huanfa Bio Tech Ltd. to supply 204,000 tonnes of corn starch over the next year. According to the agreement, Huanfa will make a security deposit of C$3.8 million for future purchases. Huanfa is a privately held manufacturer of corn-based sweeteners in China’s Guangdong province. Asia Bio-Chem, through its wholly-owned China-based subsidiaries, produces corn starch, corn germ, gluten and fiber for the Chinese domestic market.