AEI Corp has received shareholders' approval to change its name to Ascent Bridge, following its extraordinary general meeting (EGM) held on March 3.
This is to better reflect the company’s focus on its new business, diversifying into the production, sale and distribution of food and beverages (F&B). The company had previously struggled with its aluminium parts business.
In the recent EGM, Ascent Bridge had also received shareholders' approval to acquire 100% shareholding interest in MTBL Global for an aggregate consideration of $16,965,000.
MTBL is principally engaged in the promotion, sale and distribution of Moutai Bulao 125ml liquor products outside of Mainland China. Moutai Bulao is a 53° Baijiu famously used for toasts at Chinese state banquets, the company said.
It is produced by Guizhou Moutai Winery (Group) Health Wine Co, a wholly-owned subsidiary of China Guizhou Moutai Wine Factory Co (GZMT Group) in China’s Guizhou province.
GZMT Group is the controlling shareholder of Kweichow Moutai Co, one of the world’s most valuable spirits brands, according to valuation consultancy Brand Finance.
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Aside from distributing the Moutai Bulao 125ml liquor products wholesale to liquor stores, MTBL also develops and manages liquor distribution and sales channels.
MTBL has been stepping up its efforts to expand its presence in the overseas market by signing distribution agreements to appoint local distributors of Moutai Bulao in Singapore, Malaysia, Cambodia, Laos, Saipan, Macau and Hong Kong.
Ascent Bridge chairman and CEO Sun Quan said Chinese Baijiu is experiencing growing demand in the overseas market and there is huge potential for growth. “Our brand identity puts us in an advantageous position to benefit from this positive trend. Going forward, we are driven to grow the new business and make it a success to deliver sustainable long term shareholder value,” said Quan.
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MTBL intends to establish up to 16 cultural centres and experience centres in major cities worldwide with an aim to create awareness for Moutai Bulao and the Chinese Baijiu drinking culture and build the appreciation of Baijiu among the consumers.
These centres will provide consumers with a deeper understanding of how Chinese Baijiu and Moutai Bulao liquor are made through the demonstration of the unique distillation and fermentation processes.
Currently, MTBL operates one cultural centre in Singapore established in 2019 — the first MTBL cultural centre outside China.
MTBL also plans on tapping its smart vending machines to sell its products in F&B establishments to further penetrate the Baijiu market.
By leveraging the data collected by the smart vending machines, MTBL plans to implement a smart logistics supply chain to automatically order supplies when stocks run low based on real-time sales updates. It seeks to streamline and enhance its liquor distribution channels worldwide by using this data-driven digital platform to optimise its shipping, freight allocation and central order planning.
MTBL has deployed 42 smart vending machines in Singapore. The company is actively pursuing its plans to introduce the smart vending machines in Singapore and overseas Chinese restaurants.
As part of its expansion plans, MTBL plans to establish liquor distribution channels in up to 39 cities in the coming five years and is currently building distribution channels in Singapore, Hong Kong, Macau, Saipan, Laos, Cambodia and the US.
Shares in Ascent Bridge traded flat on March 16 at $1.
Photo: Albert Chua/The Edge Singapore
