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Tingyi nets Japan's Prima Meat Packers for JV in Jiangsu

May. 18, 2012 (China Knowledge) - Tingyi (Cayman Islands) Holding Corp<0322>, Taiwan-based owner of the well-known noodle brand Master Kong, has agreed to set up a joint venture in Wujiang, Jiangsu Province with Japanese ham and sausage maker Tokyo-listed Prima Meat Packers Ltd.

The JV will have a registered capital of US$24 million, in which US$14.4 million be invested by Tingyi to hold a 60% stake in the JV, while the remaining 40% stakes be held by Prima Meat Packers.

The Japanese partner is 40% owned by Itochu Corp, which is a large-scale general trading conglomerate and also a major shareholder of Tingtong (Cayman Islands) Holding Corp, a unit of the Hong Kong-listed Tingyi.

Prima Meat Packers is one of the top three ham suppliers in Japan with two R&D centers, four plants and eight logistics bases in the country, sources reported.

The launch of the JV is expected to further boost Tingyi's instant food sales in mainland China and diversify its business, said an analyst.

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