MANILA - Universal Robina Corp on Tuesday said it signed an agreement to purchase 50 percent shares of Japan-based Calbee from their joint venture Calbee-Universal Robina Corp (CURC).
Under the agreement signed Sept. 25, URC will have full control of CURC "consistent with its agenda of driving an aligned and scalable Snacking category growth," the company told the stock exchange.
Despite Calbee selling its shares back to URC, it agreed to enter into a licensing agreement with the Philippine-based firm.
"The licensing agreement will further promote URC’s agility and nimbleness both in decision-making and in day-to-day business transactions," the statement said.
The transaction was worth P170.6 million, Reuters reported.
CURC was incorporated in 2014 to import, export and distribute "savory snack products," URC said.