One of the biggest companies in the Philippines, Monde Nissin Corp – which acquired plant-based meat brand Quorn in 2015 for £550 million – is aiming to list its shares as the company hopes to attract investors to its expanding overseas plant-based business. The IPO would be the largest by a Philippine company and is reportedly set to raise up to $1.5billion.
Monde Nissim CEO Provides Financial Support to Quorn from Family Fortune, Confident Growth Will Return
Henry Soesanto, CEO and major shareholder of Monde Nissim Corp., has announced he is to provide financial support for its alternative meat company Quorn via MNSG Holdings, a family business. In April, Monde Nissin took an impairment charge of over $350 million on Quorn (acquired in 2015) due to the plant-based industry’s headwinds in the UK and globally. Now, Soesanto has pledged to backstop new impairment losses by backing the Quorn with his family’s fortune for the next ten years. The meat-free market is encountering challenges, due to macroeconomic conditions affecting Europe and the USA. However, it is reasonable to assume that growth will come back, he told Inquire.Net. The news comes only months after Marlow Foods, the parent company of Quorn, launched its ingredients …