Philippines-based food and beverage giant San Miguel Corp has announced that it has entered into an agreement with Star Fortune and H&Q Asia Ventures for their combined 76.38% share of Singapore-registered ice cream manufacturer King’s Creameries, with operations in Malaysia.
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Malaysian Dairy Industries, a Singapore-based dairy manufacturer, owns the remaining 23.62% share.
San Miguel said the move is part of its regional expansion strategy to boost its business and product portfolio across the Asia-Pacific region. The acquisition gives the company a strong position in the region’s growing dairy industry and provides immediate entry into the Malaysian and Singaporean ice cream markets.
With manufacturing operations in Shah Alam and Kuching, distribution in both Malaysia and Singapore, as well as exports to neighbouring countries, King’s Creameries is among the top four ice cream players in Malaysia and Singapore, San Miguel said.
San Miguel is currently in the bidding to take over Australian dairy products firm National Foods.
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By GlobalData
