HONG KONG: Nissin Foods (China) Holdings Company Limited has entered into an equity transfer agreement with Grandview China Holdings Limited to acquire entire equity interest in UNI-INTEC (Zhuhai) Scientific Technology Co., Ltd..
UNI-INTEC (Zhuhai) Scientific Technology Company is a company established in the PRC in 2003. It principally engages in the manufacturing business and owns the land use rights of a site of approximately 30,000 sq.m. located in Zhuhai, the PRC which has been developed for industrial use.
Following completion of the acquisition, the Nissin Foods Group intends to invest approximately RMB 180 million to construct a new production plant on the site for the purpose of manufacturing packaging materials.
The Group targets to complete the construction of the New Plant by 2021. The acquisition and the construction of the new plant would enable the group to better mitigate its production costs and have synergy effect with the group’s existing production facilities also located in Zhuhai, the PRC.
The Board of Nissin Foods considers that the acquisition is in the interests of the Company and its shareholders as a whole, and that the terms of the acquisition were concluded on fair and reasonable commercial terms.