News Release

July 22, 2019

Chen Yi Rice Processing Plant

Hiroshima, Japan; July 22, 2019 - Satake Corporation announces a completion of a rice processing plant in East Visayan region, Republic of Philippines owned and operated by Chen Yi Agventures, Inc. (Head Office: Unit D Gama Studios, 2112 Primo de Riveria corner Yague Street, Brgy. Singkamas, Makati City 1204, Philippines, Owners: Patrick Renucci and Rachel Renucci-Tan). On July 5th, President Rodrigo Roa Duterte attends and leads the inauguration ceremony and the facility begins full operation.

Chen Yi's rice processing complex built in Alangalang near Tacloban on Leyte Island is the largest rice milling facilities in the region, with 10 30-ton grain dryers and 7-ton per hour processing lines. Satake received the order of the plant design and equipment for the whole processing line, based on its advanced technology and long-time contribution to the rice industry in the country.

Rice cultivation is a major industry on the island of Leyte. However, it has been struggling to improve the productivity mainly due to all the manual labors involved in rice cultivation. As a result, farmers suffer lower income than national average. In addition, Typhoon Haiyan in 2013 (locally named Yolanda in the Philippines) caused enormous damage, requiring massive reconstruction aid for the local community and economy.

In 2016, Patrick Renucci, a prominent French entrepreneur, and his Chinese-Filipino wife Rachel, also a successful entrepreneur in Hong Kong, organized Chen Yi Agventures to involve and support rice cultivation on Leyte Island. The corporation holds up "Rice Revolution" as its goal; increase farmer's income by improving rice production efficiency through mechanization, while producing high-quality rice. Furthermore, Chen Yi will be involved with all aspects of rice cultivation in the region by supplying rice seeds, providing technical guidance for cultivation, and even low-interest loans to farmers.

The newly built rice processing facility will symbolize the rice cultivation efficiency that Chen Yi promotes. Patrick says, "To support Leyte farmers, we need fundamental reforms in rice cultivation. We will become the largest rice producer in the Visayas and Mindanao regions and increase production efficiently. Using Stake equipment and technology, Chen Yi Agventures' rice processing complex is the most technologically advanced facilities in South East Asia. This facility and mechanization of rice farming will reduce production costs and raise the quality of rice from this region. As the Philippines still imports rice, premium rice produced at the island of Leyte will be as competitive as the imported rice, which will result in not just a short term aide to the community but also a long term increase of farmers' incomes by establishing a true sustainable agriculture."

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*Please note descriptions in news releases are accurate as of the date of release and may differ from the most up-to-date information.

Appendix

【About Chen Yi Agventures】

	Pre-Cleaning Area	Grain Drying Area
	Rice Milling Area	Optical Sorters

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