(Dongguan, December 23, 2011) Today, Hsu Fu Chi Group announced that, it officially delisted from Singapore Exchange after completing all the relevant legal procedures to become a private joint venture.
Upon the approval by China's Ministry of Commerce on December 6 of the cooperation agreement between Hsu Fu Chi and Nestlé Group, Nestlé has successfully acquired 60% of Hsu Fu Chi whilst the Hsu family will own the remaining 40%. Hsu Fu Chi's current CEO and Chairman, Mr. Hsu Chen, will continue to lead the company in the new partnership, while the new chairman will be appointed by the board of the joint venture.
Hsu Cheng, CEO of Hsu Fu Chi, stressed that, the cooperation was not only a new opportunity for the sustainable development of Hsu Fu Chi’s brand, but also a positive step took by both parties to the Chinese confectionery market and management upgrade. The direction of Hsu Fu Chi's joint venture's future efforts was utilizing Nestlé's advantages in innovation and comprehensive resources integration to continuously develop superior and healthy confectionery for Chinese consumers.
After being a private enterprise, Hsu Fu Chi will maintain the current overall operation system and management structure. Nestlé, the major share holder of Hsu Fu Chi, will lead the company towards a more professional and systematic organization, improving and strengthening its operation efficiency, finally ensuring its sustainable growth and building a solid platform of century-old brand.