Universal Robina Corp., the listed food arm of the Gokongwei group, is giving up majority control of its cup noodles joint venture to Nissin Food Asia Co. Ltd. (NFA), the Thai subsidiary of Japan’s Nissin Foods Holdings Co. Ltd., in a move that reshapes a decades-long partnership in the instant noodle market.
URC said it will sell about 39.7 million shares in Nissin-Universal Robina Corp. (NURC), cutting its stake from 51 percent to 30 percent and effectively handing control of the business to Nissin Food Asia, which currently owns 49 percent of the venture. The value of the transaction is yet to be determined.
The deal caps years of evolving ownership between the partners. NFA had previously increased its stake in the venture to 49 percent in 2014 from 35 percent, signaling a deeper commitment to the Philippine noodle market.
Completion of the latest transaction is expected by January 2027. URC said the valuation of the shares will be determined in December using a mix of discounted cash flow analysis—applying the Gordon Growth method for terminal value, which assumes cash flow or dividends will remain at a constant rate forever—and enterprise value-to-EBITDA multiples.
Despite the ownership shift, the venture remains a profitable operation. In the nine months to September, NURC reported total assets of P7.12 billion and net income of P1.1 billion, slightly lower than the P1.22 billion posted in the same period a year earlier. Earnings before interest, taxes, depreciation and amortization stood at P1.62 billion.
URC described the sale as a refinement of its strategic partnership with Nissin, allowing the Japanese noodle giant to take a bigger role in steering the brand’s growth. The Japanese food company is expanding operations overseas.
“In recognition of NFA’s global strengths in product innovation and brand-building in the noodles category, NFA will assume an enhanced leadership role in these areas,” URC said.
The Gokongwei-led company will remain the local operating partner in the Philippines, continuing to handle day-to-day operations while contributing its market knowledge and extensive distribution network.
The deal reflects a broader trend among regional consumer companies: letting global brand owners lead product strategy while local partners focus on execution and market reach.
The transaction remains subject to approval by the Philippine Competition Commission and other customary closing conditions.
