Yasui Foods (02648): Foreign investment, establishment of Indonesian joint venture, and signing of shareholder agreement

According to Zhitong Finance App, Yasui Foods (02648) announced that Hong Kong Anjoy Foods Limited (hereinafter referred to as “Hong Kong Yasui”), a wholly-owned Hong Kong subsidiary of Yasui Foods Group Co., Ltd. (hereinafter referred to as “Yasui Foods” or the “Company”), intends to establish a path company Anjoy Foods Investment Limited in Hong Kong with Mutual Strategy Limited (hereinafter referred to as the “Partner”). (hereinafter referred to as “Hong Kong Route Company”). Furthermore, the path company invested in the establishment of PT IndoanJoy Sukses Makmur (hereinafter referred to as the “Indonesian Production Subsidiary”) and the trading subsidiary PT IndoAnJoy Food Indonesia (hereinafter referred to as the “Indonesian Trading Subsidiary”, collectively known as the “Indonesian Production Subsidiary”).

Hong Kong Yasui and its partners promised to invest a total of not less than US$74.25 million in cash in the form of cash in accordance with their respective shareholding ratios of 50.5% and 49.5%, respectively. Based on the minimum investment amount, Hong Kong Yasui invested US$37.496.25 million with the company's own capital, and the partner invested US$36.75375 million.

After the establishment of the Indonesian subsidiary, it will rely on the company's advantages in management, product research and development, production technology, brand building and standardized operation, and combine the partner's resources in Indonesian market channels, raw material supply and localized operation to carry out the production and sale of quick-frozen surimi products, quick-frozen sausage, quick-frozen rice products, as well as products such as room-temperature casual sausage and room-temperature casual surimi products. The two sides plan to gradually establish product R&D, manufacturing, supply chain management and marketing systems that meet the needs of the Indonesian and surrounding markets through complementary advantages and resource collaboration to promote the international development of the company's products and brands.