Advanced Chemical Industries PLC (ACI) has approved an additional equity investment of Tk60 crore in its beverage joint venture ACI CO-RO Bangladesh Ltd, while separately moving to form a new partnership with Japan-based ICHINEN Holdings.
The investment in ACI CO-RO Bangladesh was approved at the conglomerate’s 232nd board meeting held on Monday, according to a disclosure published on the Dhaka Stock Exchange (DSE) on Tuesday. The move is subject to approval from the relevant regulatory authorities.
At the same meeting, ACI approved the formation of ACI-ICHINEN Bangladesh Ltd, a new joint venture with an authorised capital of Tk50 crore and a paid-up capital of Tk15 crore. ACI will hold a 60 per cent stake in the venture, subject to regulatory approval.
The company did not disclose details of the new venture.
However, TIMES has learnt that the Osaka-based conglomerate is exploring multiple business areas in Bangladesh, including workforce development, embedded finance and agricultural production.
Several company officials who spoke on condition of anonymity said one key focus of the proposed partnership is providing blue-collar skills training, including Japanese language training, to prepare Bangladeshi workers for employment opportunities in Japan.
The venture also plans to explore an embedded finance business, particularly to support Yamaha motorcycle sales through instalment-based financing at retail stores.
ICHINEN, which has businesses across automotive leasing, chemicals, machine tools and hardware, parking lot management, synthetic resins and agriculture, is also interested in producing selected agricultural products, including sweet potato, in Bangladesh for export to Japan.
Meanwhile, ACI CO-RO Bangladesh was established in 2019 as a greenfield joint venture between ACI and Danish fruit beverage company CO-RO A/S to manufacture and market fruit-based beverages in Bangladesh.
The partnership combines ACI’s local market knowledge with CO-RO’s global beverage expertise and product development capabilities.
ACI initially invested Tk49.9 crore in the venture and held a 49.9 per cent stake.
The company inaugurated its first manufacturing facility in Narayanganj in February 2024. The plant produces fruit-based beverages under CO-RO brands, including Sunquick, a globally recognised fruit drink brand.
ACI CO-RO is targeting Bangladesh’s growing demand for convenient packaged beverages by offering ready-to-drink fruit-based products manufactured according to European quality standards.
The company sources raw materials globally and has positioned its products around changing consumer preferences, including demand for products without artificial additives.
CO-RO, founded in Denmark in 1942 by brothers Flemming and Jep Petersen, has expanded into a global beverage company with operations across the Middle East, Asia, Europe and Africa.
Its brands, including Sunquick, Suntop, Sun Lolly and Suncola, are sold in more than 80 countries, delivering more than 3.5 billion servings of fruit-based beverages and ice lollies annually, according to the company.
ACI shares, with a face value of Tk10 each, closed 0.55 per cent lower at Tk182 on the DSE on Tuesday.
