Heritage Foods Ltd Acquires Bidor Kwong Heng
Hong Kong-based Group to develop regional marketing and R&D hub in Malaysia
Hong Kong, 10th May 2017: Heritage Foods Ltd, part of the privately-held, Hong Kong-based Fung Group, today confirmed that it has acquired Bidor Kwong Heng.
Bidor Kwong Heng owns the very popular, and due to its distinctive label, easily-recognised Malaysian sauce brand, Angel. Bidor Kwong Heng also offers contract manufacturing to multinational food companies. Heritage Foods Ltd plans to utilize its experience as an international sauce and condiment manufacturer to grow this aspect of the business. Based in Bidor, Malaysia, the company has been run by the Lee family since it began operations in 1945.
This investment will see Heritage Foods Ltd take ownership of Bidor Kwong Heng. As part of the investment, Heritage Foods will put in place new management to further modernize and grow the business.
Khaw Teik Lye, the newly appointed Managing Director of Bidor Kwong Heng Sdn. Bhd., commented: “The Lee family has built a wonderful business in Bidor and we are very much looking forward to building on this strong foundation. Specifically, when it comes to the contract manufacturing business there are significant opportunities to expand by manufacturing a greater range of products and, at the same time, introduce innovation and new processes to enhance operational efficiencies. Our plan is to increase our presence and create Heritage Food’s regional marketing and R&D hub in Malaysia.”
About Fung Group
The Fung Group is a privately-held multinational group of companies whose core businesses are sourcing, logistics, distribution and retail. The major shareholder is Fung Holdings (1937) Limited, a privately held business entity headquartered in Hong Kong. The Group’s listed entities are Li & Fung Limited (SEHK: 00494), Global Brands Group Holding Limited (SEHK: 00787), Convenience Retail Asia Limited (SEHK: 00831) and Trinity Limited (SEHK: 00891). The Fung Group employs 45,100 men and women across 40 economies worldwide, with total revenue of over US$24.8 billion as of December 2015.