ANJOY FOOD (02648.HK): Hong Kong Subsidiary to Form Joint Venture Vehicle with Partner for Indonesia Investment, with Combined Contribution of at Least USD 74.25 Million
NewTimeSpace News: On 9 September 2026, Anjoy Foods Group Co., Ltd. (stock code: 02648) announced that its wholly-owned Hong Kong subsidiary, Hong Kong Anjoy Foods Limited, proposed to jointly establish a path company, Anjoy Foods Investment Limited, with Mutual Strategy Limited in Hong Kong, through which production and trading subsidiaries would be set up in Indonesia, to advance the company's internationalisation strategy and expand into the Indonesian and surrounding markets.
According to the announcement, Hong Kong Anjoy and the partner have committed to contribute in cash to the path company an aggregate amount of no less than USD 74.25 million in accordance with their respective 50.5% and 49.5% shareholdings; on the minimum contribution basis, Hong Kong Anjoy will contribute USD 37,496,250 from the company's own funds and the partner USD 36,753,750, with contributions to be made in five instalments based on project construction. After its establishment, the path company is expected to hold 99% of each of the two Indonesian subsidiaries, with the remaining 1% held directly by Hong Kong Anjoy. Leveraging the company's strengths in R&D, production technology and standardised operations in frozen food, together with the partner's market channels and localisation resources in Indonesia, the Indonesian subsidiaries will produce and sell quick-frozen surimi products, quick-frozen sausages, quick-frozen flour and rice products and room-temperature leisure products.
The announcement noted that the company's sixth board of directors approved the investment proposal at its third meeting on 9 September 2026; the investment does not constitute a connected transaction or a major asset restructuring and does not require shareholders' meeting approval. The path company's board will comprise up to three directors, with Hong Kong Anjoy entitled to appoint up to two directors and to serve as chairperson. Shares are subject to a six-year lock-up period from the signing date, after which the other shareholder enjoys pre-emptive rights on transfers to third parties. The agreement is governed by Hong Kong law, with disputes submitted to the Hong Kong International Arbitration Centre. The announcement cautioned that the investment remains subject to outbound investment filing or approval, business registration and relevant permits, the availability and timing of which are uncertain, and investors should be mindful of investment risks.
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