MANILA, Philippines - Universal Robina Corp., the Gokongwei family's snack foods and beverage company, is buying 23% of its international unit for P7.2 billion.
In a statement, URC said it will purchase 23% of URC International Co. Ltd. (URCI) from International Horizons Investment Ltd, in order to "fully capture the strong growth from its international operations."
URCI manufactures and distributes consumer food products under its own brands in China, Malaysia, Indonesia, Thailand, Vietnam, Hong Kong and Singapore.
URCI revenues have grown significantly in recent years from $84 million in fiscal year 2003 to $440 million in fiscal year 2011.
In the first 9 months of its fiscal year 2012, URCI's revenue was up 6% to $350 million, due to improving margins and strong sales in Vietnam.
URC, a subsidiary of JG Summit Holdings, earlier said its 9-month net income for fiscal year 2012 ending June 30 stood at P6.126 billion, 24% higher than a year ago.