Nissin Foods (01475.HK) announced that on November 11th (today), it entered into a joint venture agreement with Nissin Asia. The joint venture company will be located in New South Wales, Australia, with the company and Nissin Asia owning 51% and 49% respectively. The company will inject approximately 5.2326 million yuan in cash into the joint venture company's capital, to be funded by internal resources of the group. The joint venture company will become a non-wholly-owned subsidiary of the company, with its performance consolidated into the group's financial statements.

The joint venture company will be mainly engaged in the import and sale of instant noodles, snacks, cereal bars, and other foods in Australia and New Zealand.