Ting Hsin Holding Corp. has sold 6.54% of its shares to Asahi Breweries in a deal worth US$20m.
Ting Hsin Holding is the holding company of the Ting Hsin Group, one of the largest packaged food manufacturing and distribution groups of companies in Greater China.
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As part of the deal, Asahi will form a business and capital alliance with Itochu Corp, which currently holds a stake in Ting Hsin outstanding shares, for the development of food businesses in the markets of Greater China.
The firms will jointly establish a new holding company through which the companies will jointly hold Ting Hsin shares indirectly, of approximately 25.23%.
Ting Hsin operates packaged food manufacturing, distribution, restaurant chains and retail businesses through its subsidiaries and affiliates. Food products include noodles and confectionery.
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