Shinsegae Food Inc. Announces Agreement with Bartholomew Roberts Ltd
January 16, 2017 at 05:33 pm EST
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Henry Morgan Limited announced the entry into an agreement between Shinsegae Food Inc. and a wholly owned subsidiary of Bartholomew Roberts Ltd. Shinsegae Food and the Bartholomew Roberts subsidiary have agreed to establish a 50-50 joint venture company in Korea which will aim to develop, operate, market and promote new food products in the Korean and broader Asian markets. Both parties will hold 50% of the shares and have equal representation on the board of directors of the joint venture entity. The joint venture will combine the proven management expertise of Shinsegae Food Inc. in the food and beverage industry, with the financial and investment acumen of the Bartholomew Roberts team. While the agreement is not legally binding and is subject to certain approvals and other conditions precedent being met, the Board of Henry Morgan Limited believes the business relationship between the parties will lead to value for both parties and their shareholders, and potentially other international business opportunities in different industry sectors.
Shinsegae Food Co Ltd is a Korea-based company mainly engaged in the distribution of food and ingredients. The Company operates its business through three segments. The Manufacturing Service segment engages in group catering business, restaurant business, bakery business, and food manufacturing business. The group catering business provides meals to dormitories, school hospitals and enterprises. The restaurant business provides food and beverages. The bakery business provides bakery products to customers at shopping facilities such as department stores and E-Mart. The food manufacturing business produces and sells products such as Korean food, Western food, ethnic food, and snacks. The Purchase and Distribution segment distributes ingredients and products that the company manufactures and processes. The Other segment engages in food logistics business. In addition, the Company manufactures and sells frozen dumplings, mineral water, meat, sauces, fruit drinks, and food.