Close  

URC takes full control of JV with Calbee

/ 05:30 AM September 28, 2018

Gokongwei-led Universal Robina Corp. is taking full control of Calbee-Universal Robina Corp. (CURC), a four-year-old snack food venture with Japan’s largest snack food company Calbee Inc.

In a disclosure to the Philippine Stock Exchange, URC said it had signed an agreement to buy 50 percent of CURC from Calbee, raising its stake to 100 percent.

ADVERTISEMENT

URC had agreed to buying 32.7 million shares at P5.217 a share or for a total of P170.6 million. This was based on the company’s net book value as of end-September.

“The purchase will allow URC to have full control of CURC, consistent with its agenda of driving an aligned and scalable snacking category growth,” URC said.

FEATURED STORIES

URC has agreed to pay the consideration in full.

Notwithstanding the signing of the share purchase agreement, Calbee agreed to enter into a licensing agreement with URC, which means that the snack food firm will continue to produce Calbee-branded products for the local market.

“The licensing agreement will further promote URC’s agility and nimbleness both in decision-making and in day-to-day business transactions,” the disclosure said.

CURC was incorporated in 2014 as an equally shared joint venture between URC, a company established under Philippines laws and Calbee.

When this new snack food company was set up, the goal was to grow this into a P2-billion enterprise in terms of annual net sales by 2020.

Tokyo-based Calbee is the largest snack food company in Japan, with a 53.6 percent share of the Japanese snack food market.

ADVERTISEMENT
Read Next
LATEST STORIES
MOST READ
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: calbee inc., Callee-Universal Robina Corp. (CURC), Universal Robina Corp.
For feedback, complaints, or inquiries, contact us.
lifestyle

UP art exhibit tackles EJKs, maritime dispute

November 22, 2019 08:56 AM

newsinfo

5 shabu, marijuana pushers nabbed in Quezon drug busts

November 22, 2019 08:37 AM

globalnation

15 Filipino games to play this National Children’s Month

November 22, 2019 08:24 AM

newsinfo

Cops seize P1.3M worth of shabu in QC bust

November 22, 2019 07:56 AM



© Copyright 1997-2019 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.