M&As: Kuaijishan Shaoxing Wine and Ishigaki Foods acquired new stakes

Kuaijishan Shaoxing Wine (formerly Kuaijishan Shaoxing Rice Wine), has signed a letter of intent to acquire a 100% stake in Shaoxing Xianheng Food for CNY735m ($110.84m).

Both the companies involved in the transaction are based in China.

Kuaijishan Shaoxing Wine is engaged in rice wine production, while Shaoxing Xianheng Food produces and sells fermented bean curd, rice wine and other spices.

Ishigaki Foods has reached an agreement to acquire a 51% stake in New Japan Functional Foods for JPY308m ($2.71m).

Ishigaki Foods manufactures and sells barley tea, health tea, beef jerky, dried vegetables and other dried products, while New Japan Functional Foods is a manufacturer of skincare and make-up products, health supplements, and hair care products.

Both the companies involved in the transaction are based in Japan.