Thai Union establishes new beverage company joint venture
Thai Union announced to the Stock Exchange of Thailand (SET) that the company has invested into a new joint venture called Food and Beverage United Company Limited.
The new company, Thai Union said, is newly established for a joint investment with BevTech Company Limited. The joint investment is intended to collaborate on product development, production, and distribution of “nutritious food and beverage products under brand or trademark of Food and Beverage United Co. Ltd.”
The capital investment in the company was THB 10 million (USD 320,459, EUR 271,715), split into one million ordinary shares at THB 10 (USD 0.32 EUR 0.27) per share. Of the share, BevTech Company Limited holds 509,999 shares, or 50.9999 percent, while Thai Union subsidiary Thai Union Ingredients Company Limited holds 490,000 shares, or 49 percent.
According to Thai Union, the investment is just 0.003 percent of the company’s total assets value.
The company will have a five-person board of directors, including Thai Union CEO Thiraphong Chansiri and ThaiBev CEO Thapana Sirivadhanabhakdi.
Because the aggregate purchase price of all acquisitions and assets by Thai Union in the last six months represents less than 15 percent of the company’s assets value, the acquisition does not require mandatory public disclosure under Stock Exchange of Thailand rules.
The new joint venture is relatively small compared to other recent Thai Union investments, such as its recent investment into U.S.-based food chain Red Lobster.