Thai Union Frozen Products Plc (TUF), the maker of canned and frozen seafood, yesterday approved a rise in registered capital from THB 999.18 million to THB 1.2 billion via an issue of new ordinary shares.
According to a release, 199.9 million of the new shares will be offered via a rights issue at a ratio of one new share for every five held, at THB 50 each.
The remaining new shares will be reserved for the exercise of convertible bonds at THB 50 each, at the ratio of five existing shares for one newly issued ordinary share.
The move still requires shareholder approval at a meeting set for April 10.
TUF plans to use the proceeds of the capital increase to partially repay outstanding loans, shore up working capital and invest in future business expansion.
