PNB-INSPiRE Ethical Fund 1 Investment Business Limited Liability Partnership (“PIEF”) acquired the stock of AFC Co.,Ltd. (“AFC”), a subsidiary company of Fundokin Shoyu Co., Ltd. (“Fundokin”), a manufacturer and distributor of miso and soy sauce products whose headquarters are located in Usuki-city, Oita, through third-party allocation.
Since the company foundation in 1861, under its motto of being “genuine,” Fundokin has been producing miso, soy sauce, dressings and condiments such as Yuzu Kosho mainly aimed at the Japanese market, and has now decided to establish a strategic subsidiary company named AFC (ASEAN Fundokin Corporation) in January 2019 to promote business in the ASEAN market where the number of Japanese restaurants is rapidly rising due to the diverse and increasing consumption demands resulting from higher income levels.
Since 2014, Fundokin and INSPiRE have been engaged in developing and marketing of halal-certified soy sauce for business use in Japan and then, started the development for consumers as of 2017 through leveraging industry-academia cultural collaboration with Ritsumeikan Asia Pacific University (APU) until the realization of the sales in 2018.
Taking advantage of the establishment of AFC and the investment from PIEF, we will promote the development of other products in addition to soy sauce in order to accelerate the business of Fundokin using ASEAN as entrance to the world market. Leveraging PIEF’s accumulated marketing and promotional experiences in various countries which differ from those in Japan, we will run together with Fundokin providing enhanced support to further promote their commercialization through localizing with the consumers’ preferences.
About AFC Co., Ltd.
Headquarters: Usuki city, Oita, Japan
Representative Director : Kyouji Kotegawa
Founded on 29 January, 2019
Capital: 49.5 million JPY
Investment Ratio: Fundokin Shoyu. Co., Ltd. 50.6%, PIEF 49.4%
PNB Inspire Partners Corporation