A spokesman from the Ministry of Commerce (MOC) said Wednesday that the ministry has not yet received a declaration and application from Tingyi Holding Corp. and Pepsi for their proposed business alliance.
China's instant noodle and beverage heavyweight Tingyi Holding Corp. signed an agreement with soft drink giant Pepsi on Nov. 4 to create a strategic business alliance in China.
Based on the agreement, Tingyi Holding's affiliate company, Tingyi-Asahi Beverages (TAB) Holding, will be appointed as Pepsi's franchise bottler in China, while Pepsi's wholly-owned subsidiary, Far East Bottlers (FEB), will hold a five-percent indirect interest in TAB.
