Ito En plans Singapore drinks foray

JIJI

Ito En Ltd. said Wednesday it will establish a wholly owned regional holding company in Singapore to enter the beverage market in Southeast Asia.

In partnerships with local firms, the company plans to sell such products as Japanese tea, mineral water and black tea.

Ito En has already launched business in North America and China. It hopes to expand overseas operations by setting up a base in the fast-growing Southeast Asian market.

Ito En is in talks with companies from Singapore, Vietnam and Myanmar about capital tieups and joint ventures, aiming to reach agreements this year at the earliest, according to company officials.

The regional holding company, Ito En Asia Pacific Holdings Pte., will be established Thursday with capital of $25.5 million.