Bakkavor Group Acquires Stake in Chinese Food Company

Reykjavik, 24 March 2006. Bakkavor Group has, in cooperation with the Icelandic Bank Glitnir, acquired 40% stake in Creative Foods which is a Chinese salad manufacturer. To facilitate the transaction, Bakkkavor Asia, a subsidiary of Bakkavor Group, and Glitnir have established a new company, Bakkavor China.

Bakkavor China's focus will be on investment opportunities in China and this is its first project. According to Einar Gustafsson, Managing Director of Bakkavor Asia, Asia is an exciting market and it is important for Bakkavor Group to participate in the consumer boom in Asia as early as possible.

Further information is available at the homepage of Bakkavor Group: www.bakkavor.is

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