NNA Asia top stories Friday, Nov. 16

16, Nov. 2018

TOKYO, NNA – The following are the top stories from NNA Asia for Friday, Nov. 16.

S. Korea’s CJ CheilJedan to buy U.S. frozen food firm Schwan's for $1.84 billion

SEOUL, NNA - South Korean food giant CJ CheilJedang Corp. said Thursday it would buy U.S. frozen food firm Schwan’s Co., maker of Tony’s pizza and Mrs. Smith’s pies, for $1.84 billion as part of its strategy to become a global food name.

CJ Group is expected to finish the process of buying 80% of the shares in privately owned Schwan’s next year.

As part of its growth strategy, CJ also bought U.S.-based Kahiki Foods and Germany’s Mainfrost earlier this year.

Japan's second-hand brand product reseller Komehyo to set up Thai unit with Saha group

TOKYO, NNA - Japan's second-hand goods reseller Komehyo Co. said it would join hands with Saha Pathana Inter-Holding Public of Thailand Co. to enter the rapidly growing reuse market there.

Komehyo Hong Kong and Saha Group will set up a joint venture capitalized at 5 million baht ($151,800) in December, the company said Wednesday.

Komehyo will hold 49 percent of the Bangkok unit while Saha and its five affiliates will hold 51 percent.

Indonesian central bank hikes policy rate by 25 bps to 6%, sixth time this year

JAKARTA, NNA - Indonesia’s central bank on Thursday unexpectedly raised the key interest rate for a sixth time this year, hoping to guide the currency stronger, which would help narrow the trade deficit and attract more funds to rupiah-denominated assets from overseas.

The seven-day reverse repurchase rate was raised by 25 basis points to 6 percent.

“The decision reflects Bank Indonesia’s ongoing efforts to lower current account deficit within a manageable threshold,” the bank said. “The policy rate hike is also aimed at strengthening the attractiveness of domestic financial markets by anticipating global policy rate hike in the next few months.”