SunMoon Food to divest China assets; responds to concerns raised by SIAS

Singapore

SINGAPORE-LISTED SunMoon Food Company has entered into an agreement to sell its subsidiary, United Agro Produce Pte Ltd (UAPL), and its dehydrated-produce business for S$4.1 million to Global Food Ingredients Pte Ltd (GFI).

The agreement also involves the sale of UAPL's subsidiaries Taian FHTK Foodstuffs Co and Fook Yong Pte Ltd, and indirect subsidiary Taian Fook Huat Tong Kee Foodstuffs Co. These subsidiaries directly or indirectly own assets in Tai'an, China.

The divestment of the dehydrated-produce business and the UAPL subsidiaries is in line with SunMoon's decision in 2015 to move to an asset-light, consumer-centric, bra…