MANILA, Philippines — Monde Nissin Singapore Pte. Ltd., a subsidiary of food and beverage giant Monde Nissin Corp., has secured financial backing from its majority family shareholders for its meat alternative venture, Quorn Foods.
In a disclosure on Wednesday, Monde Nissin said the sum is intended to alleviate Quorn’s net cumulative impairment from Dec. 31, 2023 to Dec. 31, 2032, amid the global economic conditions.
“This financial support by myself and the family shareholders comes after listening to and reflecting on the concerns that some of our shareholders have expressed about the current challenges in the meat alternative category which are impacting our business in the United Kingdom,” Monde Nissin’s Chief Executive Officer Henry Soesanto said.
Soesanto also noted that they have previously implemented “operational and strategic” adjustments, which he did not specify, to tackle such challenges.
According to Monde Nissin, the cash settlement will be limited to about 12% of its 2.156 billion outstanding shares based on the weighted average stock price during the last five trading days of 2032.
It added that the controlling family shareholders will provide the settlement in a single transaction on or before June 30, 2033.
UK-based Quorn Foods, one of Monde Nissin’s core enterprises, has been offering meat-free products to the global market since 1985.
The company is among the UK’s top 40 consumer packaged goods brands.