April 15/Singapore/Press Release -- Dairy firm Etika International Holdings is planning to sell its South East Asian dairy operations to Japan's Asahi Group in a deal worth $329 million.

Etika, which has operations in Malaysia, Indonesia and Vietnam, markets a range of milk-based products and soft drinks. Overall, the company's products are available in more than 50 countries across Asia, the Middle East, North, South and Central America, the Caribbean and Africa.

It also operates a joint venture in New Zealand for manufacturing UHT milk products using aseptic processes and PET bottles.

With an aging population and domestic demand stagnant, Asahi has recently been looking to expand overseas through strategic acquisitions. The Japanese company said its long-term vision aims to increase overall sales to $25 billion.

The company's recent acquisitions include Australia's Schweppes and Flavoured Beverages Group Holdings, as well as the water and juice businesses of P&N Beverages Australia, a stake in China's Tsingtao Brewery, and Malaysia-based PepsiCo bottler Permanis.

As part of its deal with Etika, Asahi will acquire Kuala Lumpur-based Etika Dairies and 11 other companies in the region.