Bright Dairy raises prices

Chinese dairy producer, Bright Dairy & Food Co Ltd, said on Monday night it will increase prices of their dairy products because of rising raw material costs.

"From Dec 18, prices on some fresh milk and yogurt products will be increased by 5 percent due to the rising cost of raw materials," Bright said in a statement filed to the Shanghai Stock Exchange.

Last month, the dairy giant announced its acquisition of Weetabix Ltd. Bright Dairy paid about 700 million pounds ($1.134 million) for the deal, which gives them a 60 percent stake in Weetabix, the second-largest maker of breakfast cereals in the United Kingdom.

Last year, Shanghai-based Bright Dairy, one of the largest food companies in China, posted annual sales of 76.9 billion yuan and 2.65 billion yuan of net profit.