Yasui Foods (02648) plans to acquire 60.0005% of IFC's shares for US$4.074 million

According to the Zhitong Finance App, Yasui Foods (02648) announced that in order to further improve the company's industrial layout in the field of frozen baked goods, enrich the company's product categories, and combine the company's overseas business development plans, the company plans to obtain control of IFC through this transaction. IFC is headquartered in Singapore and is mainly engaged in R&D, production and sales of frozen cakes, bread and other baked goods, and has formed a business system covering product R&D, manufacturing, customer service and marketing.

The target company operates a mature production base and management team in China, and has formed a certain business foundation in the R&D and production of frozen bakery products such as frozen cakes, as well as channels such as coffee drinks, modern tea, baking, e-commerce, and supermarkets. The acquisition will help the two sides form collaboration in product research and development, manufacturing, supply chain procurement and market channels, and further improve the company's domestic frozen baking business layout. At the same time, the target company has production and operating entities in Singapore and Malaysia. The acquisition will also help the company further expand Southeast Asia and other overseas markets to accumulate experience in localized management, supply chain management and market development, and form a synergy with the company's overseas business development direction.

Based on the above strategic considerations, the company signed an “Share Acquisition Agreement” with the seller and IFC on October 12, 2026. The company plans to acquire Tay Teck Eng, Boo Choon Chik, Ron Sim Chye Hock, and V3 Brands Pte. Ltd., which is collectively held by International Foodgnostic Corporation Pte. Ltd. (hereinafter referred to as the “underlying company” or “IFC”) has 69,500 common shares, accounting for 60.0005% of IFC's total issued shares. Based on the valuation results, as agreed by all parties involved in the transaction, the transaction price for 100% of IFC's shares was US$507.8895 million, and the transaction consideration for the company's acquisition of the 60.0005% shares mentioned above was US$304.74 million, corresponding to a transaction price of US$438.79 per share. The source of funding was the company's own capital. After the transaction is completed, IFC and its subsidiaries included in the scope of the merger will be included in the scope of the company's consolidated financial statements.

After the transaction was completed, the company held 60.0005% of IFC's shares, Tay Teck Eng held 30.7208% of the shares, Boo Choon Chik held 9.2787% of the shares, Ron Sim Chye Hock and V3 Brands Pte. Ltd. no longer holds shares in IFC.

After the transaction is completed, the target company will be included in the scope of the company's consolidated financial statements. The target company is mainly engaged in R&D, production and sales of frozen baking and related foods. It has certain synergy with the company's existing business, which is conducive to further complementing the company's business capabilities in the field of frozen baked goods and providing a corresponding production and operation platform for the company to expand overseas food business.