Thai Union announced on 17 October, 2022, it will allocate shares of its petcare subsidiary, i-Tail Corporation Public Company Limited (ITC), to Thai Union’s shareholders as part of an initial public offering.
ITC got approval from Thailand’s Office of the Securities and Exchange Commission for its IPO on 20 September, 2022.
According to the IPO plan, 660 million ordinary shares of ITC – including 600 million newly-issued ordinary shares and 60 million existing ordinary shares held by Thai Union – will be sold during the offering.
As part of the IPO, 132 million ordinary shares of ITC, with the par value of THB 1.00 (USD 0.02, EUR 0.02) per share, will be offered to existing shareholders of Thai Union based on the proportion of their shareholding with the ratio of 35.2662 Thai Union ordinary shares to one ordinary share of ITC. The allocation will account for about 20 percent of the total IPO shares.
Shareholders of Thai Union are requested to submit their registration to buy the shares by 1 November.
Thai Union said in February 2022 that after the planned IPO, its stake in ITC will be reduced to 77.64 percentwill be reduced to 77.64 percent.
ITC established i-Tail Americas in January 2022 to oversee its pet food business in the United States. ITC will take full ownership of i-Tail Americas, which will have a registered capital of USD 5 million (EUR 5.13 million). The new company will buy shares of U.S. Pet Nutrition, a distributor of pet food in the U.S. owned by Thai Union North America.
Following the launch of i-Tail Corporation in 2021, this latest restructuring move in the U.S. market is expected to further strengthen Thai Union’s pet food business and support its growth in the sector, the company said.
Photo courtesy of i-Tail Corporation/Thai Union
