They will also explore business opportunities for beverages.
Fraser and Neave (F&N) agreed to be the cornerstone investor of Tsit Wing in its Hong Kong initial public offering (IPO) and subscribed for a 4.42% interest or 32 million shares for HK$58.88m ($9.95m).
According to an announcement, F&N and Tsit Wing had also agreed to explore business and product development opportunities for the supply, distribution, co-branded promotion, and co-development of beverage products and/or beverage solutions.
Tsit Wing said in its prospectus that F&N will be their exclusive supplier of evaporated and condensed milk products. The company will also provide the distribution of its alcoholic and non-alcoholic beverage products and the distribution of Tsit Wing coffee and tea products.
F&N and Tsit Wing will also work on the co-branded promotion of the latter’s products and the products of F&N in food outlets and co-development of new Ready-To-Drink products and beverage solutions.
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