Jun. 18, 2019
Sumitomo Corporation
Announcement of Sale of Equity Stake in Sumifru Singapore Pte. Ltd
Sumitomo Corporation (Head Office: Chiyoda-ku, Tokyo; Representative Director, President and Chief Executive Officer: Masayuki Hyodo; hereinafter, “Sumitomo”) entered into an agreement with its Joint Venture Partner Thornton Venture Limited (hereinafter, “TVL”), to sell its 49% stake in Sumifru Singapore Pte. Ltd (hereinafter, “Sumifru”).
Sumitomo and TVL worked together as joint venture partners of Sumifru since 2003, and achieved to grow Sumifru as one of the major fruit business players in the Asian region.
In considering strategies for further growth, as a result of thorough consultation, Sumitomo have agreed to sell its stake in Sumifru to TVL, who currently holds majority stake.
The completion of sales is expected in the first half of FY2019 (*1) upon completion of necessary procedures required by law.
Sumitomo will continue to be committed to the fruit and vegetable business, and contribute to the growth of the industry and economy through its business.
*1 : Sumitomo Fiscal Year : 2019 April 1 – 2020 March 31
Sumitomo and TVL worked together as joint venture partners of Sumifru since 2003, and achieved to grow Sumifru as one of the major fruit business players in the Asian region.
In considering strategies for further growth, as a result of thorough consultation, Sumitomo have agreed to sell its stake in Sumifru to TVL, who currently holds majority stake.
The completion of sales is expected in the first half of FY2019 (*1) upon completion of necessary procedures required by law.
Sumitomo will continue to be committed to the fruit and vegetable business, and contribute to the growth of the industry and economy through its business.
*1 : Sumitomo Fiscal Year : 2019 April 1 – 2020 March 31
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