Itochu to sell stake in Chinese food major Ting Hsin for $440m

Itochu Corporation. Photo: Reuters

Japan’s Itochu Corp said on Thursday it will sell its 17.8 percent stake in Ting Hsin International to the Chinese food processor for $440 million, and buy a 37.2 percent stake in Taipei Financial Center Corp (TFCC) from Ting Hsin for $665 million.

The sale of its entire stake in Ting Hsin, one of the largest food manufacturers and distributors in China and Taiwan, is aimed at Itochu’s partnership with China’s state-owned financial group CITIC (0267.HK), an Itochu spokesman said.

The purchase of a stake in TFCC, which manages the Taipei 101 skyscraper in Taiwan’s capital, is to gain an asset which generates stable income and fits with Itochu’s expertise in real estate, he added.

In 2009, Itochu bought a 20 percent stake in Ting Hsin for about $700 million and sold a 2.2 percent stake in 2015 for an undisclosed sum.

The Japanese trading house invested in about $5 billion to take a 10 percent stake in CITIC, part of China’s oldest and biggest financial conglomerate, in 2015.

Itochu aims to complete the deals with Ting Hsin by the end of March, the spokesman said.

Reuters

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.