NCRA - Nocera acquires 80% interest In Meixin Institutional Food for $4.3M
- Nocera ( NASDAQ: NCRA ) said on Thursday that it has acquired an 80% controlling interest in Meixin Institutional Food Development using Variable Interest Entity agreements VIE for total consideration of $4.3M.
- Meixin, a well-established food processing and catering company and is engaged in the production of hot and frozen meals, bento boxes, group meals and processing of vegetables and fruits for other companies in the food industry.
- As part of the move, Meixin will produce different food products for Nocera to sell through its distribution channel including bento boxes, takeaway seafood porridge, BBQ eel rice, and seafood fried rice.
- The addition to generate up to $10M in revenue for Fiscal 2023.
- Shares are down 1.33% premarket.
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Nocera acquires 80% interest In Meixin Institutional Food for $4.3M