Tianyi (Summi) Holdings (00756) said it entered into a strategic cooperation agreement with Sun Generation Limited.
The parties will combine and leverage their respective competitive edges in Summi fresh orange juice and Eat East ready-meals and carry out long-term cooperation in the area of food retailing. They will jointly set up a joint venture enterprise, which will be held as to 60% by Tianyi (Summi) and 40% by Sun Generation. Through the aforesaid joint venture enterprise, the two parties aim to set up no less than 40 "Summi Shop" in Hong Kong in the future.
Tianyi (Summi) expects that Summi fresh orange juice brand's exposure in the local retail market of Hong Kong could substantially increase through the cooperation agreement; in the long run, Tianyi (Summi) expects Summi to be Hong Kong's No. 1 not-from-concentrate juice brand.
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