NEW YORK, Dec 25 (Reuters) - Nissin Foods Holdings Co and the holding company of Russia's No. 1 instant noodle maker, LLC Mareven Food Central, have agreed to form a capital alliance, the Nikkei financial daily reported.
The Japanese instant noodle maker plans to invest about 9 billion yen (about $98.2 million) by the end of the fiscal year to acquire about a 15 percent stake in the holding company, Angleside Ltd, the Nikkei reported.
By fiscal 2010, which ends March 31, 2011, Nissin will likely spend some 27 billion yen to increase its state to 33.5 percent, making it Angleside's second-largest shareholder.
This will mark Nissin's first business venture in Russia, Nikkei said,
($1=91.7 yen)
(Reporting by Leslie Gevirtz; Editing by Walker Simon)
(leslie.gevirtz@thomsonreuters.com; +1 646 223 6218)) Keywords: NISSIN/NOODLE
COPYRIGHT Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The Japanese instant noodle maker plans to invest about 9 billion yen (about $98.2 million) by the end of the fiscal year to acquire about a 15 percent stake in the holding company, Angleside Ltd, the Nikkei reported.
By fiscal 2010, which ends March 31, 2011, Nissin will likely spend some 27 billion yen to increase its state to 33.5 percent, making it Angleside's second-largest shareholder.
This will mark Nissin's first business venture in Russia, Nikkei said,
($1=91.7 yen)
(Reporting by Leslie Gevirtz; Editing by Walker Simon)
(leslie.gevirtz@thomsonreuters.com; +1 646 223 6218)) Keywords: NISSIN/NOODLE
COPYRIGHT Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.