Nissin Foods Company Limited (the “Company”, together with its subsidiaries, the “Group”; Stock code: 1475) today announced its plans to invest about RMB180 million to build a new production plant in Zhuhai, the People’s Republic of China (“PRC”) for manufacturing packaging materials to facilitate its business growth and development in the PRC and Hong Kong.
Today, Nissin Foods (China) Holdings Company Limited, a wholly-owned subsidiary of the Group, has signed an equity transfer agreement with Grandview China Holdings Limited to acquire its entire equity interest in UNI-INTEC (Zhuhai) Scientific Technology Co., Ltd.*, which owns the land use rights of an about 30,000 sq.m. site in Zhuhai, the PRC (“the site”). After the acquisition is completed, the Group intends to spend about RMB180 million to build the said plant on the site for manufacturing packaging materials, and targets to complete its construction by 2021.
Mr Kiyotaka Ando, Executive Director, Chairman of the Board and Chief Executive Officer of Nissin Foods, said, “Since becoming listed in 2017, we have been actively and at the same time cautiously looking for opportunities to invest in appropriate facilities and partnership to enhance production efficiency and support our diversified product portfolio. The acquisition and the construction of the new plant will enable the Group to better mitigate production costs and reap greater synergies from its production facilities operating in concert. Looking ahead, we will continue to examine M&A opportunities that promise to boost our strength in enlarging market share and delivering considerable growth, and ultimately, enable us to bring sustainable returns to shareholders.”
*For identification purpose only
For details, please refer to the announcement:
About Nissin Foods Company Limited
Nissin Foods Company Limited (The “Group”; Stock code: 1475) is a renowned food company in Hong Kong and the PRC with a diversified portfolio of well-known and highly popular brands and the largest instant noodle company in Hong Kong. The Group officially established its presence in Hong Kong in 1984. The Group primarily manufactures and sells instant noodles, frozen foods and other food products under its two core corporate brands, namely “NISSIN” and “DOLL” together with a diversified portfolio of iconic household premium food brands. The Group’s five flagship product brands, namely “Cup Noodles”, “Demae Iccho”, “Doll Instant Noodle”, “Doll Dim Sum” and “Fuku” are also among the most popular choices in their respective food product categories in Hong Kong. In the PRC market, the Group has introduced technology innovation in “ECO Cup” concept into the market and primarily focuses its sales efforts in first and second tier cities located in eastern and southern parts of the PRC. For more information, please visit www.nissingroup.com.hk.
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Source: ACN Newswire