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Thai Union invested in the creation of TMAC in December 2012
Thai Union to buy Mitsubishi's participation in joint venture
THAILAND
Friday, February 22, 2019, 03:10 (GMT + 9)
Thai Union Group PLC informed the Thai Stock Exchange that it will buy from Mitsubishi Corporation 49 percent of the TMAC joint venture, dedicated to the shrimp farming business.
With this transaction, which involves the purchase to the Japanese conglomerate of 55.3 million shares in TMAC for THB 110 million (USD 3.5 million), Thai Union will become the sole owner of the company.
In 2012 Thai Union formed the JV with Mitsubishi using Thai Union Feedmill Co., Ltd. as a shareholder
The operation is part of the strategy of investments in shrimp breeding farms, improvement of shrimp breeding and shrimp farming.
The registered capital of TMAC was originally set at THB 560 million (USD 18 million), but has since doubled to reach a current value of THB 1,130 million (USD 36.3 million).
In August 2018 Thai Union reported the purchase of 51% of TMAC that were owned by Thai Union Feedmill Co., Ltd.,
Thai Union explains that with this transaction it expects to be in a better position to meet the full traceability needs of its customers around the world.
In addition, the operation is in line with its own need to comply with the "four star" requirements established by the Global Aquaculture Alliance for its Best Aquaculture Practices (BAP) certification standars.
In the section of JV the Thai Union group shows this structure of the company
The group also explains that the purchase of the remaining 49 percent of the shares in TMAC will eliminate a possible conflict of interest with Mitsubishi when allocating the actual cost for the 4-star standard.
The scheduled date for the transaction is March 2019.
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