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Gains Greater Flexibility to Deploy Production Capabilities
Captures Rising Opportunities in Hong Kong and Mainland China Instant Noodle Market |
HONG KONG, Nov 7, 2022 - (ACN Newswire) - Nissin Foods Company Limited ("Nissin Foods", and together with its subsidiaries, the "Group"; Stock code: 1475) announced that its wholly-owned subsidiary Nissin Foods (China) Holding Co., Ltd. ("Nissin Foods China") has won a bid for 29.55% equity interest in Zhuhai Golden Coast Winner Food Products Limited ("Zhuhai Winner") (the "Proposed Acquisition") at RMB352.44 million.
An indirect subsidiary of Nissin Foods, Zhuhai Winner is 70.45% owned by Winner Food Products Limited, a wholly-owned subsidiary of the Company, and 29.55% owned by Zhuhai Western Development Co. Upon completion of the Proposed Acquisition, Zhuhai Winner will become an indirect wholly-owned subsidiary of Nissin Foods.
Zhuhai Winner is a manufacturer and distributor of instant noodles for Nissin Foods. Its principal activities include production and sale of instant noodles, seasonings, paper food containers and plastic packaging containers.
Mr Kiyotaka ANDO, Executive Director, Chairman and Chief Executive Officer of Nissin Foods, said, "We believe the Proposed Acquisition, if materialised, will give us greater flexibility to deploy production capabilities in Hong Kong and Mainland China to respond to market demand and the changing business environment. It will also present a good opportunity to the Group to advance our instant noodles production and distribution, as well as seize the long-term growth trends in the Mainland China, which will in turn bolster the Group's overall income and profitability. The move is also proof of our long-term commitment to the instant noodles business in Hong Kong and Mainland China which is in line with our strategic direction."
About Nissin Foods Company Limited
Nissin Foods Company Limited (The "Group"; Stock code: 1475) is a renowned food company in Hong Kong and Mainland China 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 Mainland China market, the Group has introduced technology innovation through the "ECO Cup" concept and primarily focuses its sales efforts in first-and second-tier cities.
Nissin Foods is a constituent of eight Hang Seng Indexes, namely: Hang Seng Composite Index, Hang Seng Consumer Goods & Services Index, Hang Seng Stock Connect Hong Kong Index, Hang Seng Stock Connect Hong Kong MidCap & SmallCap Index, Hang Seng Stock Connect Hong Kong SmallCap Index, Hang Seng SCHK Mainland China Companies Index, Hang Seng SCHK ex-AH Companies Index, and Hang Seng Small Cap (Investable) Index. For more information, please visit www.nissingroup.com.hk.
For media enquiries:
Nissin Foods Company Limited
Public Relations Department
Blanche Wong / Mabel Tan
Email: pr@nissinfoods.com.hk
For investor enquiries:
Nissin Foods Company Limited
Investor Relations Department
Shingo Yamazaki / Fanny Yan
Email: ir@nissinfoods.com.hk
Strategic Financial Relations Limited
Vicky Lee Tel: (852) 2864 4834 Email: vicky.lee@sprg.com.hk
Aggie Fang Tel: (852) 2114 4987 Email: aggie.fang@sprg.com.hk
Maggie Ko Tel: (852) 2864 4890 Email: maggie.ko@sprg.com.hk
Topic: Press release summary
Source: Nissin Foods Co Ltd
Sectors: Food & Beverage
https://www.acnnewswire.com
From the Asia Corporate News Network
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