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Monde Nissin loses US$340m in market value following Lucky Me recalls

Monde Nissin loses US$340m in market value following Lucky Me recalls
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Manila, Philippines – Following the latest recalls of ‘Lucky Me’ noodle products in the European countries of France, Ireland and Malta, Philippine food and beverages company Monde Nissin has lost around US$340m in market value, according to Bloomberg.

Monde Nissin closed at PHP13.36 per share yesterday, marking a 10% dip since the stock went public in March 2021.

According to said European countries, several of ‘Lucky Me’ products contained high levels of ethylene oxide, a chemical compound which has been banned in Europe in 1991 as a pesticide and in 2011 as an output product in food and feed production.

Monde Nissin released a statement yesterday stating that ethylene oxide is not added in their products but rather used as a treatment in seeds and spices used in ingredients.

“Rest assured that all Lucky Me products are Philippine FDA-registered and comply with local food safety standards and even the US FDA standards for ethylene oxide,” the company stated.

Following the issue, netizen sentiment regarding ‘Lucky Me’ brands have shifted to a negative tone, with many commenting Monde Nissin’s lack of quality assurance of their products. This is after the company admitting that trace amounts of ethylene oxide may still be found in their products.

“Sad to say that every country has its own different high standards in regards with food safety measures. ‘Lucky Me’ should follow the standard food safety in other countries to retain its trust and confidence for safe human consumption for their products,” a netizen named Roy Tanquilan said.

Another netizen by the name of Edgard Andrew Hernandez said, “Even at manufacturing and testing where you can see high ethylene oxide levels on Lucky Me brands, [and] you still chose to sell it to the consumers. I think there’s something wrong with it.”

However, there are a few netizens that still support the brand, with some saying the noodle brands have been consumed by students while on a budget. Some netizens have even shared their own recipes involving ‘Lucky Me’ products.

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