12th Aug 2022 09:17
(Alliance News) - East Imperial PLC shares surged on Friday as it announced a long-term distribution agreement with Wen Hua Hang Wine Spirits Co.
Shares in the premium mixers maker were up 31% to 4.18 pence each in London on Friday morning.
Under the agreement, distributor Wen Hua Hang will supply East Imperial's entire range across the Chinese mainland and Macau.
East Imperial said that the partnership will allow it to build its presence at the "luxury" hotel end of the market.
It is also in line with the company's growth strategy in China. East Imperial said that its management team has worked closely with its advisory board who have a "deep knowledge of the luxury beverage markets in China." This has enabled the company to understand and cater for its Chinese customers, it explained.
APAC continues to be the "cornerstone" of East Imperial's revenue in the short to medium term and is expected to contribute almost 60% of sale in 2022, the company added.
East Imperial Chief Executive Officer & Co-Founder Tony Burt said: "The distribution deal with WHI offers us a fantastic opportunity to grow in the premium Chinese market and consolidate our market share in the valuable APAC region.
"We are a company born out of the East, and it remains the cornerstone of our identity and a market to which we are fully committed," Burt added.
By Sophie Rose; [email protected]
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