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.
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.