Lay Hong and NH Foods enter into processed food JV

KUALA LUMPUR: Lay Hong Bhd and Japanese meat packing company, NH Foods Limited, will jointly set up a private limited company to manufacture, market, distribute and sell processed meat-based foods in Malaysia.
The joint venture (JV) company, named NHF Manufacturing (Malaysia) Sdn Bhd will have an initial authorised share capital of RM30 million divided into 30 million shares.
NH Foods and Lay Hong will hold 51% and 49% stake respectively in the JV company. Lay Hong will use internally generated funds, bank borrowings and/or additional funds to be raised from the capital market to subscribe for the JV company.
The processed meat-based foods will be marketed under the brand name Nippon Nutriplus. The first product will be available by mid-2016.