Monde Nissin Corp. said it is paying $2 million for a 1.89 percent of koji-based food manufacturer Terramino Inc. in the US.
The transaction involves Monde Nissin’s subscription to 665,845 series B preferred shares of the Terramino, which is engaged in research, development and commercialization of food products made from koji, a Japanese cooking ingredient made of cooked rice and soya beans that have been inoculated with a fermentation culture.
“Terramino is at the early stage of its business lifecycle and is engaged in research, development and commercialization of food products made from koji. Koji may be similar to mycoprotein which is the core ingredient of Marlow Foods Ltd. products, and therefore may provide collaboration opportunities,” said Monde Nissin.
The company said said the acquisition could provide opportunities to market products similar to mycoprotein that is used by companies like Marlow Foods Ltd.
Monde Nissin said the subscription is subject to the execution of the relevant transaction documents.
Monde Nissin said its investment in Terramino banks on potential returns when it lists in the stock market, as well as in “potential collaborative research, development, and commercial opportunities.”
Monde Nissin said Terramino is valued at $75 million for the purposes of the series B preferred shares issuance.
