Century Pacific Food Inc (CNPF), the Philippines’ largest canned food company, will expand its exports business by acquiring distribution companies in China.

In a disclosure to the Philippine Stock Exchange on Friday, Century Pacific Food Inc will sign an agreement to get a 100 percent interest in a group of entities which distribute Century Tuna in China.

Century Tuna entered China during the early 1990s, the company said.

“Total consideration for 100 percent of the companies is $2.56 million, which approximate their net asset values. Funding for the transaction will be in cash, Century Pacific Food Inc said.

The acquisition is expected to support the expansion of CNPF’s international branded segment, which is a small part of its business.

Gregory Banzon, Century Pacific Food Inc vice president and general manager, said, “we are excited about this newest addition to our export presence. China could be a future growth market for us with its total canned food market estimated to be increasing double-digits annually.”

The China companies were owned 50 percent each by Thai Union Manufacturing Co Ltd, a wholly owned subsidiary of Thai-listed Thai Union Frozen, and Century Pacific Group, Inc., parent company of CNPF. DMS