Anjoy Foods Group (SHA:603345, HKG:2648) subsidiary Hong Kong Anjoy Foods will set up a special purpose vehicle that will invest in two Indonesian food subsidiaries for $74.3 million, according to a Thursday filing with the Shanghai bourse.

Hong Kong Anjoy will hold 50.5% of the SPV while Mutual Strategy will hold 49.5% of the JV. Anjoy will be entitled to three seats on the board, including two directors plus the chairman, the filing said.

The SPV will own 99% of manufacturer IndoAnjoy Sukses Makmur and trading company IndoAnjoy Food Indonesia, the filing said.

The subsidiaries will produce fish paste, sausages, and other snacks and fish products across the archipelago and surrounding markets.

Company shares jumped 2% during the afternoon session on Thursday.