Nissin Foods Company Limited (Nissin Foods, together with its subsidiaries, the Group; Stock code: 1475) has today announced that the Group invested in ValleyFarm Holdings Limited (ValleyFarm), an indoor hydroponic farm in Hong Kong. The invested fund would be used to build a new farm with upgraded facilities for hydroponic vegetable production. While ValleyFarms products are currently available in supermarkets in Hong Kong, the new farm will commence operation within this year and target to increase its production capacity by 10-folds in three years. Nissin Foods considers it as an opportune time to meet the growing market demand for fresh, tasty yet convenient food amid the COVID-19 pandemic.
Nissin Foods Company Limited (Nissin Foods, together with its subsidiaries, the Group; Stock code: 1475) has today announced that the Group invested in ValleyFarm Holdings Limited (ValleyFarm), an indoor hydroponic farm in Hong Kong. The invested fund would be used to build a new farm with upgraded facilities for hydroponic vegetable production. While ValleyFarms products are currently available in supermarkets in Hong Kong, the new farm will commence operation within this year and target to increase its production capacity by 10-folds in three years. Nissin Foods considers it as an opportune time to meet the growing market demand for fresh, tasty yet convenient food amid the COVID-19 pandemic.
ValleyFarm is a pioneer and an indoor hydroponic farm being accredited by the Agriculture, Fisheries and Conservation Department (AFCD) since 2019. It operates as a one-stop shop from vegetables plantation to the selling of indoor hydroponic vegetables locally in Hong Kong under the brand of ValleyFarm. After the capital injection, the Group will hold the 80% shares in ValleyFarm and the ValleyFarms founder, Mr. HO King Yin Edwin, will hold the remaining 20% shares and shall remain as a director, overseeing the research & development and daily operation of ValleyFarm. The transaction has been completed today, 10 August 2020.
Mr. Kiyotaka ANDO, Executive Director, Chairman and Chief Executive Officer of Nissin Foods, said, We have been looking for good opportunities to invest in order to enrich our product portfolio and broaden the customer base of the Group. ValleyFarm fits well into our instant food business as well as the fresh-cut vegetable business under development. Capitalising on the management expertise and distribution network of Nissin Foods to create synergy, our investment would improve the prospect and operational efficiency of ValleyFarm, in turn further expanding the revenue stream and enhancing the overall competitiveness of the Group.
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