Stock News: China Kangda signs MOU to supply onion rings products

China Kangda Food Co Ltd said it has signed a memorandum of understanding with US-based food distributor Best Food Services Inc to supply onion rings products. China Kangda will invest about 14 mln yuan in building an onion rings production facility and buying production equipment. The facility is expected to begin production in December and produce 3,000 tons of onion rings per year. The company will use its initial public offering proceeds to fund the capital investment, the firms said in a media release.