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Singapore’s Oceanus Group signs CN¥200m wine deal in China
Singapore-based investment holding company Oceanus Group Limited has announced a deal worth CN¥200 million (£21.7m) to grow its wine distribution in China.
Oceanus sells processed marine products, sugar, beverages, and other commodities in Singapore, Hong Kong, Macau and Thailand, as well as China.
The Group has just announced an investment intention to grow its alcohol distribution business with the Shaoxing Huangjiu Town (Dongpu) Development and Construction Management Committee, a local Chinese authority.
The committee is with the Agriculture, Rural and Water Resources Bureau of the Yuecheng District, which is part of Shaoxing, known to be the birthplace of yellow wine.
Via the partnership, the local Chinese partner will import alcohol distributed by Oceanus, and also provide access to logistics and other services, according to Sammul Lin, group COO of Oceanus.
Oceanus will also look into a new company registered in Yuecheng District to carry out project operations to accelerate development and implementation, according to Singapore Business Review.
In March, Season Global Trading, a subsidiary of Oceanus Group, announced it had been appointed as the exclusive agency for the distribution of Treasury Wine Estates’ Penfolds Champagne range across China.
Seasons Global Trading will now facilitate the export of Chinese yellow wine culture and local products from the Shaoxing region in China, responsible for brands including Guyue Longshan, Kong Yiji and Bai Ta.
The group will work on the marketing of various international fine wine brands into the Chinese market to establish Shaoxing as the destination for the wine trade. This is in line with the government’s goal to make Yuecheng District a world wine town through the partnership.
Under the agreement, the Chinese partner will list the development as a key investment attraction project from 1 June 2024 to 31 May 2025.
“This agreement will serve to further strengthen the economic and trade relations between Shaoxing, China and Singapore, including the cross-promotion of goods within Asia Pacific,” said Peter Koh, Oceanus group CEO.
Aside from wine, consumer goods like frozen meat will also be covered.