Oceanus’ newly-established subsidiary appointed as approved frozen food distributor of Fortune Global 500 company
Sino Food Group, the newly-established subsidiary of Oceanus, under its distribution arm, has been appointed as an approved distributor of China Resources Wufeng, a food enterprise group under China Resources.
China Resources is one of the Fortune Global 500 companies and is a state-owned enterprise.
Sino Food Group, says Oceanus, in an Aug 23 filing, was established to trade in global food supply chain management and to strengthen food security within the region.
According to the company, Sino Food Group will also be receiving financial support from a consortium of Chinese state-owned enterprises including parties such as Shenzhen Rural Commercial Bank.
Sino Food Group is managed by an experienced team with over 10 years’ of collective experience in the cold chain distribution industry. The subsidiary was set up on Aug 23 with an initial issued and paid-up capital of $1,000 with 1,000 shares to be majority-held by Oceanus’ subsidiary Season Global Trading.
“Establishing Sino Food Group will accelerate our progress and expand our geographical footprint in the food distribution industry. China remains an important target market in Asia, and we are delighted that we are beginning to see the fruits of our labour in this market,” says Oceanus CEO Peter Koh.
“China being a dominant market player in Asia, offers immense potential and growth opportunities in the food supply chain sector. We are confident that Sino Food Group will bolster the global food supply chain and supplement food security in Asia,” he adds.
Shares in Oceanus closed 0.1 cent higher or 2.86% up at 3.6 cents on Aug 23.