Chiangmai Frozen Foods Public Company Limited (SET:CM) agreed to acquire an additional unknown stake in Sino-Thai Freeze & Dry Company Limited (STFD) from 10 existing shareholders for THB 0.24 million on February 24, 2021. Pursuant to the terms of the transaction, Chiangmai Frozen Foods Public Company Limited will acquire 23.7 million shares in Sino-Thai Freeze & Dry Company Limited at THB 0.01 per share. Chiangmai Frozen Foods Public Company Limited?s source of fund for the transaction will be from its cash flows from operation and/or excess cash in Chiangmai Frozen Foods Public Company Limited. Concurrently, Chiangmai Frozen Foods Public Company Limited will also subscribe to 12 million new shares in Sino-Thai Freeze & Dry Company Limited. Upon completion of the transactions, Chiangmai Frozen Foods will hold a total of 68.7% of shares in STFD after new share issuances for purpose of fund raising and capital restructuring. The transaction is not subject to prior approval from the shareholders. The Board of Directors of Chiangmai Frozen Foods Public Company Limited has resolved and approved the transaction. Chiangmai Frozen Foods Public Company Limited (SET:CM) completed the acquisition an additional unknown stake in Sino-Thai Freeze & Dry Company Limited from 10 existing shareholders on March 30, 2021.