Century Pacific Food, Inc. Appoints Shanghai Ikai as a New Distributor in China

Century Pacific Food, Inc. (PSE:CNPF), one of the leading food companies in the Philippines, announced the appointment of a new distributor in China, Shanghai Ikai International Trading Co., to directly cover the market and strengthen the company’s presence in the region.

Shanghai Ikai is an omni-channel distribution company, with capabilities in online, offline, and food service channels.

Greg Banzon, Executive Vice President and Chief Operating Officer of CNPF, stated, “We are pleased to be working with our partner distributor, Shanghai Ikai. Their expertise and omni-channel focus are clear strengths that we believe can be leveraged to efficiently enhance our market coverage in Eastern China. This aligns with our strategy to optimize operations and leverage local market expertise to accelerate growth in China. Moving forward, we plan to use the same success model to scale up our presence in other parts of the country.”

As a result of the appointment of a new distributor, CNPF will be transitioning from directly servicing its customers via its China-based entities to a full distributorship model with Shanghai Ikai. In relation to the transition, CNPF’s Board of Directors approved the dissolution of CNPF subsidiaries related to the distribution of its products in China namely, Century International Company, Ltd. (CIC) and Century (Shanghai) Trading Company Limited (CST). The dissolution of CST has been completed, while CIC’s dissolution process remains ongoing, with various statutory and regulatory requirements being addressed to complete the process.

In 2023, CNPF's exports business in China contributed less than half a percent to the Company's audited revenues and profits.