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CJ CheilJedang Corporation has sold its shares in Sichuan Jixiangju Food, a Chinese food production company, for KRW300 billion or about $235.8 million. The South Korean firm said on Monday, July 31, that it has unloaded all of its 60% shares in the China-based company.
CJ CheilJedang bought a total of 60% stake in Sichuan Jixiangju Food on two occasions. The first was in 2011, and the second was in 2016. The company invested $38.5 billion for the combined purchases, as per Yonhap News Agency.
It was reported that Sichuan Jixiangju Food is one of the two Chinese food companies that CJ CheilJedang owns and operates in China. The other firm is CJ Qingdao Foods which is focused on the production and distribution of its own Korean food products.
With the removal of Sichuan Jixiangju Food from its portfolio, CJ Cheiljedang said it will now put more time and effort into the expansion of its food business in China. Its CJ Qingdao Foods unit will release various K-food items, including dumplings, fried chicken, rolls, kimchi, Korean sauces, seaweed, and rice.
Aju Business Daily reported that before the food business unit of the CJ Group sold Jixiangju, it had already reached sales of around KRW291 billion. But even so, the company is determined to work more on its Korean food business; thus, the sell-off plans pushed through.
CJ CheilJedang said its Chinese subsidiary was sold to several investors instead of just one. It refused to name the buyers but shared that one of them is the second largest stakeholder of Sinchuan Jixiangju.
"We are unable to provide the names of buyers as we have agreed to not reveal them," the company’s spokesperson, Bae Gee Yo, told Aju Business Daily.
Photo by: CJ CheilJedang Website
