Wednesday 15 August
Powered by Ajaxy
Sep 28, 2016 @ 15:16

Gokongwei food firm taps 4 banks for Snackbrands acquisition loan


Universal Robina Corp. plans to secure a A$500 million loan from a syndicate of banks to partly fund the purchase of Australia’s snack maker Consolidated Snacks Pty Ltd.

The food manufacturing arm of Bilyonaryo John Gokongwei’s JG Summit Holdings Inc. has mandated
ANZ, Citi, SMBC and StanChart for a five year loan.

Consolidated Snacks, through Snackbrands, is the second largest player in salty snacks with a total market share of close tob 30 percent. It has a wide portfolio of chips including iconic brands like Kettles, Thins, CC’s and Cheezels.

The A$600 million purchase is expected to close on Sept. 30.

URC has been on an acquisition binge in the past three years due to intensifying competition in the Asia Pacific region as a result of the lifting of trade barriers.

Tags: , , , , , , , , , , , , , ,

Related Stories
Universal Robina Corp. reported a 23.1 percent drop in net income in the first half
Universal Robina Corp. has earmarked P8 billion for its capital spending program this year, mainly
Universal Robina Corp. saw its first quarter net income decline by 12 percent to P3
Bilyonaryo Lance Gokongwei is ready to take over the reins of the family’s growing business


Trending News

Recommended on sister sites

Copyright © 2018 Bilyonaryo - Latest news on the richest Filipinos and Family Business.