NHC Foods Limited on Monday said its foreign step-down subsidiary Conquer Enterprises Limited is acquiring a majority stake in Singapore-based DNR Ventures Pte Ltd for USD 5.5 million.
Conquer Enterprises has signed a non-binding letter of intent to acquire a 75 per cent equity interest in DNR Ventures Pte Ltd for a proposed consideration of USD 5.5 million, NHC Foods said in a statement.
The transaction will provide NHC Foods with a controlling interest in the Singapore-based company, subject to satisfactory due diligence, definitive transaction documents, applicable corporate approvals and required regulatory and third-party consents.
“We see this proposed transaction as an opportunity to strengthen the foundation of our next phase of growth. Our focus will be on building meaningful synergies, leveraging the capabilities of both businesses and creating greater value from our combined strengths.
“As we continue to scale our operations, we remain focused on identifying opportunities that can add to our business and support sustainable growth over the long term,” NHC Foods Managing Director Satyam Shirishchandra Joshi said.
The company has also entered into a binding Heads of Terms for a proposed manufacturing facility in Liberia, in West Africa, to expand its international manufacturing capabilities and reach new markets.
