April 26, 2024

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[THE INVESTOR] CJ CheilJedang has acquired controlling stake in Vietnamese food processing company Minh Dat Food for 15 billion won (US$13.44 million), according to local media reports on March 30. 

It signed a contract to take over 64.9 percent stake in the fish and meat processing firm in November last year and the deal will be sealed by April.
The Vietnamese company is the virtual market leader in meatball sales and posted 13 billion won revenue in 2016. 

The South Korean food company entered the Southeast Asian country in 1999, establishing CJ Vina Agri, but has been aggressively strengthening its foothold there since last year. 

CJ has purchased 4.08 percent stake in state-owned meat processor Vissan and took over largest kimchi manufacturer Ong Kim’s in March. It also partnered with state-run retail company Saigon Trading Group in September and completed a factory for soy-based feed in November. It is further seeking to acquire Cau Tre, Vietnam’s largest food company, whose largest stakeholder is Saigon Trading Group. 

By Hwang You-mee (glamazon@heraldcorp.com)