Thai Union has decided to increase its stake in Thammachart Seafood Retail (TSR), a supplier of seafood in Thailand, the company said in a statement 5 November.
The company will finish this month the purchase of 39.9 percent in TSR, worth around THB 120.75 million (USD 3.99 million, EUR 3.59 million) from Hong Kong-registered Thammachart Seafood Limited.
The transaction will raise Thai Union’s total stake in Thammachart Seafood Retail to 65 percent, from 25.1 percent. The other stakeholders in TSR are Mrs. Sansanee Gatenby Davies (25.9 percent stake) and Thammachart Seafood Limited (9.1 percent). TSR will become a subsidiary of Thai Union after the transaction.
The tuna giant said the transaction would enable it to launch retail frozen products under its Q Fresh brand under TSR; significantly reduce the time taken to penetrate the retail segment with Q Fresh; and generate additional sales by supplying TSR some of their products such as salmon.
TSR, founded in 2007, is a provider of premium imported and local fish, frozen and smoked seafood to retailers in Thailand. It manages its seafood counters, and operates a few seafood restaurant outlets, according to Thai Union.
TSR had more than THB 660 million (USD 21.81 million, EUR 19.64 million) in sales in 2017.
Thai Union CEO Thiraphong Chansiri said in June – when it announced the purchase of the 25.1 percent stake – that the investment in TSR is “in line with Thai Union’s focus in the high-growth market in Asia, including Thailand, where we have seen double-digit growth in our frozen businesses in recent years.”
Photo courtesy of Thai Union
