Bangkok--3 Sep--TUF
TUF informed that its shareholder’s extraordinary meeting on September 2, 2010 has all ready approved TUF to purchase the business of MW Brands Holdings SAS (MWB) and also approved to enter the loan contract for purchase shares and business of MWB including approval upon addition and deduction of its registered capital in the purpose of convertible bond issue and reissue common stock to the previous shareholders proportion to shareholders’ or to other person under limitation as well as additional common stock appropriation request including resolution and approval from shareholders meeting.
Mr. Thiraphong Chansiri, President of Thai Union Frozen Limited (Public) or TUF, the large manufacturer and exporter of frozen and canned seafood disclosed that upon the shareholder’s meeting that day, there was nearly 100% resolution approved the TUF purchase MWB business whereas they considered the transaction being one of the company large international investments and Thailand that has evolved. It considered being success of the company that has been well patronized from financial institute both overseas and domestic as well as good support from the shareholders who present their right at the meeting. Upon its resolution, it would be expected that the process would be completed no later than October that would be quite successful in rush considering quite large volume investment.
During the past 2 weeks, the company presented road show to declare both the oversea and domestic investors and it found excellent feedback where the company has been well encouragement resulting in our price of stock has been higher since the date of our meeting resolution, July 28, 2010 to September 2, 2010. Nearly 50% of our share is higher, therefore, it considered being good wishes to convince that our way of operation doing is correct and we also has been convinced by other investors.
Furthermore, the recent capital increase can make our company have more valuable transaction due to number of shares increase, then considered that our structure being suitable according to the principle. Upon shareholder equity increase, debt per share decrease since the company shall issue convertible bond directly to the investors particularly. And the issue of common stock increase to the previous shareholders according to proportion of the share volume or offer to personnel under limitation. The company, however, is convinced that the structure shall be good effect in return to the company, simultaneously, every shareholder shall have his good benefit from more number of shares increase at ratio 20:1. The company, however, has not yet defined the price of share in this portion.
Upon this merger, TUF can become a leading sea frozen foods company, particularly, TUNA from and to all over the world, and covering a leading brand name in Europe, America and Asia. It is considered being global brand company with its base of manufacture covers Indian and Atlantic Ocean. This would help enhance the powerful strength for TUF in Global Synergies in raw material, production, marketing and product development that presently, we are exactly ready to operate immediately when process is complete. Our target is set up at US$3,000 million in 2012. As soon as our merger, we expect it should reach at the target set in 2011. As of today, we set our target at US$4,000 million and within the next 4 years or in 2015 we must arrive at our target. Mr. Thiraphong said conclusively.
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