Taiwan’s Uni President Enterprises Corp. (UPEC) has bought a 15% stake in Ho Chi Minh’s Saigon Beverage Company (TRI, Tribeco) for US$2.2 million.
Following the deal sealed Wednesday, UPEC and Tribeco – the beverage company’s formal name – have committed to long-term cooperation for mutual growth.
Tribeco representatives have said that doing business with UPEC is a strategic move to enter Asian markets as UPEC plays a leading role in the distribution of food, beverages and retail throughout the continent.
Tribeco plans to commission a VND300 billion factory to produce soft drinks in Binh Duong Province’s Vietnam-Singapore Industrial Park in August. The company will also begin construction of a VND90 billion facility in the northern province of Hung Yen next month.
With the acquisition, the Taiwanese company has become the second strategic shareholder of Tribeco after Vietnam’s leading confectioner Kinh Do Corp with 35.4%.
UPEC moved into Vietnam in 1999 with $220 million in total pledged investment capital. The firm is active in a range of fields like animal and fish feed, wheat flour, food and drinks.
However the company’s current soft drink facilities in Binh Duong Province have not reached their potential.
UPEC spokesman said the beverages line in Binh Duong would be shut down soon to focus on Tribeco.
Source: Thanh Nien
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