Creating a Japanese-Style Rice-Based Food Market in the Middle East

「Ordinary income fell below that of the previous consolidated fiscal year to ¥1,139 million, down 26.2%, due to a decline in operating income and the recognition of a ¥127 million equity-method investment loss as a non-operating expense at equity-method affiliate Bluefin Trading LLC. This reflected deteriorating results in the third quarter of the current consolidated fiscal year, an expected decline in sales to a major business partner and the anticipated impact on Bluefin's future results.」

「Ordinary income fell below that of the same quarter of the previous year to ¥774 million, down 43.6%, due to a decline in operating income and the recognition of a ¥128 million equity-method investment loss as a non-operating expense at equity-method affiliate Bluefin Trading LLC. This reflected deteriorating results in the third quarter of the current consolidated fiscal year, an expected decline in sales to a major business partner and the anticipated impact on Bluefin's future results.」

「In the Middle East and elsewhere, we are promoting initiatives to build a Japanese-food value chain and create a cooked-rice market by collaborating across business boundaries with local and Japanese businesses, food-ingredient suppliers and commercial-kitchen operators.」

「In the Middle East and elsewhere, we are promoting initiatives to build a Japanese-food value chain and create a cooked-rice market by collaborating across business boundaries with local and Japanese businesses, food-ingredient suppliers and commercial-kitchen operators.」

「At a meeting of the Board of Directors held on 16 October 2019, we resolved to acquire 35% of the shares of Bluefin Trading LLC (hereinafter, “Bluefin”), and completed the share acquisition on 6 November 2019. Through the acquisition of shares in Bluefin, which has product-development capabilities and a local distribution network in the Middle East, we believe that we can leverage Bluefin's business base together with our expertise and network in cooked-rice processing to create a Japanese-style cooked-rice market in the Middle East and expand sales of cooked-rice processing machinery.」

「To create a cooked-rice market in the Middle East, in February 2018 we entered into a capital and business alliance with Gulf Japan Food Fund (Gulf Japan 1), a private equity fund established to build a global food value chain in the Middle East, and Mizuho Gulf Capital Partners, which is based in Dubai, UAE, and provides investment advice to the fund.」

「We believe that, in developing our business in the Middle East, we can uncover latent demand and create a new cooked-rice market not merely by selling our rice-processing machinery to retailers, prepared-food businesses and food-service operators, but by working with these businesses to build a food value chain, including distribution systems and educational activities targeting end consumers.」