Chinatex Corp, a large textile manufacturer, became the third-largest soybean oil producer in China after taking over nine soybean crushers and obtaining two other companies' crushing capabilities through rent and entrustment, China Business News reported Friday.

The total capability of Chinatex in oil crushing is forecast to hit 7.26 million tons by the end of this year, the report said.

The company disclosed on Thursday that it will issue 1 billion yuan ($146 million) medium-term notes, out of which 670 million yuan will be used to replenish the company’s working capital for its soybean oil business.