Japanese trader Mitani buys Singapore's livestock feed trader MJI
SINGAPORE, NNA - Japanese trading house Mitani Corp. has acquired a 70 percent equity stake in Singaporean livestock feed trader MJI Universal Pte. Ltd. to capture increased demand for animal feed in Asia alongside growing meat consumption.
Mitani's wholly owned East Asia Capital Corp. bought the interest for an undisclosed sum on Thursday from two individual shareholders, who will hold the remaining 30 percent, according to the firm.
Established in 2007, MJI exports animal feed imported from global meat-processing companies to Asian countries such as Indonesia and China, posting a profit of US$3.29 million in 2018, a threefold increase in two years, according to a company statement.
"We want to pursue acquisitions regardless of business fields, mainly in Southeast Asia and North America," a Mitani spokesman told NNA on Thursday.
Based in Fukui, central Japan, Mitani has three trading subsidiaries in Asia, two of them in Singapore and the third in Vietnam. (NNA/Kyodo)