Foshan Haitian Flavouring and Food Company Ltd. (SHSE:603288) entered into an agreement to acquire 43.1% stake in Hefei Yanzhuang Edible Oils Co., Ltd from Liu Yan for CNY 63.1 million on December 31, 2019.Foshan Haitian will hold 67% stake post the completion of the transaction and Liu Yan will hold 33% stake. Foshan Haitian also carried out a capital increase worth CNY 106.1 million in Hefei Yanzhuang. The transaction does not require approval of shareholders of Foshan Haitian and s been approved by the Board of Foshan Haitian in the second meeting on December 31, 2019.