KENKO Mayonnaise has announced its plans for a private placement of 265,000 shares at a price of JPY2,863.80 ($25.18) a share, in order to raise JPY758.91m ($6.67m).

The placement is expected to be completed by 17 February.

"Under the agreement, the latter will distribute Terravia’s AlgaVia brand of Whole Algae Ingredients across Europe."

based in Japan, the company produces and distributes salads and delicatessen, mayonnaise, dressings, sauces and egg products.

Plant-based ingredients supplier Terravia has signed a distribution agreement with Univar.

Under the agreement, the latter will distribute Terravia’s AlgaVia brand of Whole Algae Ingredients across Europe.