Corn processor Global Bio-chem Technology Group Co Ltd, a Hong Kong-listed company, said on November 19 it would set up a glutamic acid firm with a total investment of US$29 million (HK$226.2 million) on the Chines mainland.

The new unit will set up and operate a glutamic acid plant next to a corn refinery run by the company in Jinzhou, Northeast China's Liaoning Province, Global Bio-chem said. The subsidiary will buy land rights from a sister firm for about 9 million yuan (US$1.09 million) for the plant.

Global Bio-chem said the plant would have an annual capacity of 100,000 tons of glutamic acid.