Japan food trader Toho to buy 100% stake in Singapore’s Golden Ocean Seafood
SINGAPORE, NNA - Japan’s Toho Co., which deals in foods for professional use, will buy a 100-percent stake in Singapore’s seafood wholesaler Golden Ocean Seafood (S) Pte. Ltd. to consolidate its business in Singapore where it already has five firms under its wings.
Toho’s board of directors decided on the buyout on Tuesday, and the company was to purchase of all 100,000 outstanding stock in Golden Ocean Seafood on Thursday to make it a wholly-owned subsidiary, the Kobe-based company said in a statement. They did not disclose the acquisition price.
Golden Ocean Seafood has been selling fresh seafood including lobsters and oysters to hotels, restaurants and other businesses in Singapore. Toho can now deal in seafood to “enriching the product lineup and expanding sales channels in Singapore,” the statement said.
In 2015, Toho established a base in Singapore by acquiring Marukawa Trading (S) Pte. Ltd., a wholesaler of Japanese food ingredients for professional use. It has since bought four more firms in the Southeast Asian city-state.
In March this year, Shimaya Trading Sdn. Bhd., another wholesaler of Japanese food ingredients, was renamed Toho Singapore Pte. Ltd. and absorbed the two units: Marukawa Trading and Tomo-Ya Japanese Food Trading Pte. Ltd.
Toho is scheduled to merge two Singapore units in late September: Fresh Direct Pte. Ltd., a wholesaler of vegetables and fruit for professional use, and Kitchenomics Pte. Ltd., which processes vegetables and fruit. Toho acquired these two units in 2018.
Toho, which also operates subsidiaries in Malaysia and Hong Kong, has no definite plans at present to expand to new countries and areas, said Akira Uchida, a Toho spokesman in Kobe. “We aim to expand our share at our existing stores abroad,” he said.