[Alpha Biz= Kim Sangjin] Samyang Foods, a subsidiary of Samyang Round Square, has established a local production corporation in Zhejiang Province, China, for the construction of a factory.
According to a Monday disclosure by the Financial Supervisory Service, Samyang Foods announced it would establish "Samyang Foods (Zhejiang) Co., Ltd." (tentative name) through its Singapore subsidiary, Samyang Foods Singapore Pte. Ltd.
This move follows Samyang Foods' earlier establishment of Samyang Foods Singapore Pte. Ltd. on the 16th of this month to facilitate the construction of the factory in China.
Samyang Foods has invested $50 million (approximately 73.145 billion KRW) to acquire 100% of the shares in Samyang Foods (Zhejiang) Co., Ltd. The share acquisition date is set for December 31 of next year.
The company explained that Samyang Foods (Zhejiang) Co., Ltd. is a legal entity established to operate the local production facility that will be built in Jiaxing City, Zhejiang Province, China.
Alphabiz Reporter Kim SangJin(letyou@alphabiz.co.kr)
