Bangkok--6 Jan--Thoresen Thai Agencies
Thoresen Thai Agencies Public Company Limited (“TTA”) has announced the completion of its acquisition of 60 million shares, equivalent to nine per cent of Sino Grandness Food Industry Group Limited, as part of its long-term diversification and sustainable growth strategy.
Mr. Chalermchai Mahagitsiri, President and CEO of TTA said, “In 2014 we made significant strides forwards in honing our vision and strategy and building upon our existing portfolio of bulk shipping, energy and infrastructure businesses. We are delighted to have completed this transaction as it represents the latest milestone in our journey as a rapidly growing conglomerate with a diversified set of international businesses and revenue streams.
“In line with this strategy, we will continue to drive organic growth, as demonstrated in 2014, while also seeking out other new investment opportunities that are aligned with our vision for the Group’s future, particularly where we see synergies that can deliver incremental growth.”
Through a private placement, Sino Grandness allotted and issued 60,601,035 shares to Soleado Holdings Pte. Ltd. (“Soleado”) (the “Placement Shares”), making TTA the second largest shareholder, with one board seat.
The 60,601,035 shares held by Soleado represent 9.0% of the enlarged issued share capital of Sino Grandness at the issue price of SGD 0.4035 per share, or an aggregate consideration of SGD 24,452,518 (THB 610,823,899.64). The issue price was the volume weighted average price per share traded on the SGX-ST on the last market day immediately preceding the date of completion, pursuant to the Supplement Deed between Soleado and Sino Grandness. The Placement Shares were listed and quoted on the Main Board of the SGX-ST effective from 9.00 a.m. on 2 January 2015.
Sino Grandness presents TTA with strong growth potential and a stable revenue and profit stream and low business risk.
One of China’s leading canned food and fruit beverage producers and distributors, Sino Grandness has captured more than 75% of the Chinese loquat juice market, a market which global consulting firm Frost & Sullivan forecasts will grow at an average of 39.3% per year through 2017.
About TTA
Thoresen Thai Agencies Public Company Limited (“TTA”) is a strategic investment holding company listed on the Stock Exchange of Thailand (TTA:TB). Its investment strategy is to grow through a balanced and diversified business portfolio both domestically and internationally. TTA’s businesses include but are not limited to dry bulk shipping, offshore oil & gas services, fertilizer production and distribution, and integrated port and logistics services with assets valued at over THB 49 billion and market capitalization over THB 30 billion (as of September 30, 2014). For more information, please visit www.thoresen.com.
For further information, please contact:
Thoresen Thai Agencies Plc
RavisadaAngkeeros E-mail:
[email protected]
Tel: +66 2254 8437 Ext. 393
Or MSL Hong Kong
James Hawksworth E-mail:
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Tel: +852 2804 8107 / +852 6381 1120