The target companies are Dean Fa Food Co. (Taiwan) and Novel Food Manufacturing Co (Singapore), making brands such as the Qianye brand tofu that’s sold not only within China but also exported to US, Australia, Singapore and Korea.
PSC Corporation, the recently-renamed Hanwell Holdings, plans to spend $95.1 million to acquire new frozen food manufacturing businesses with operations in Taiwan, China and Singapore so as to speed up its growth in a related industry.
Under terms of the deal, PSC, which makes and distributes consumer staples, will pay using US$2.1 million in cash, and issue 219.7 million new shares at 42 cents, worth $92.3 million, to the vendors. The targets have a book value of $66.720 million.
