Japan’s Yoshimura Food to buy 70% stake in Singapore’s Pacific Sorby
SINGAPORE, NNA – Yoshimura Food Holdings K.K. will take over Singapore’s frozen fish processor Pacific Sorby Pte. Ltd.
The Japanese company said it will complete its purchase on May 13 of a 70 percent stake for 1.6 billion yen ($14 million), via Yoshimura Food Holdings Asia Pte. Ltd., its wholly owned Singapore unit.
The Tokyo-based group, comprising 18 small food makers and traders in Japan and overseas, said it will use Pacific Sorby’s procurement and sales networks as well as its processing facilities.
Pacific Sorby mainly supplies fresh fish and frozen fish products to hotels and hospitals. There is growing demand in Singapore for efficient food processing as the city-state faces a labor shortage in the hotel and restaurant sectors.
Pacific Sorby has seen solid growth in earnings in recent years, posting 40 million Singapore dollars ($29.5 million) in net profit on sales of S$396 million in the year to November 2018, up 8 .3 percent and 7.1 percent respectively from a year earlier, Yoshimura said in a statement.
Yoshimura will use Pacific Sorby’s procurement sources and clients to support sushi maker JSTT Singapore Pte. Ltd. and fish product wholesaler Sin Hin Frozen Food Pte. Ltd., both bought recently by Yoshimura in its continued expansion overseas.