Thai Union Feedmill products. (Photo: Thai Union Feedmill Co., Ltd.)
Thai Union increases stake in aquaculture feed subsidiary
THAILAND
Thursday, April 26, 2018, 01:20 (GMT + 9)
Thai Union Group has acquired 12.05 per cent (equivalent to 6 million shares) of the existing shareholders of Thai Union Feedmill Co., Ltd.(TFM), changing from now holding 51.00 per cent in that firm to 63.05 per cent.
The Group pointed out that the offer price is THB 78.44 (USD 2.49) per share, calculated based on the 10 times of the average annual profit of the past 3 years of TFM and also equals 2.23 times of the book value per share of TFM as of December 31, 2017.
The Board of Directors of Thai Union decided to approve the transaction and expressed their support for the company to further integrate and consolidate control within the Company’s subsidiaries and get more profit share in the future.
The Audit Committee also agreed with the transaction due to the fact that it will be the Company’s benefit.
The transaction is classified as a Class 3 transaction, which does not require mandatory public disclosure.
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