Thai Union Public : Notification of the Investment Restructuring and Establishment of a New Subsidiary
January 04, 2022 at 01:49 am
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Ref. 01/650104
4 January 2022
Subject: Notification of the Investment Restructuring and Establishment of a New Subsidiary
Attention: President
The Stock Exchange of Thailand
Thai Union Group Public Company Limited (the "Company") would like to inform the Stock Exchange of Thailand ("SET") in respect of the investment restructuring and establishment a new subsidiary in the United States of America by i-Tail Corporation Public Company Limited., a subsidiary which is 99.55% owned by the Company, under the name of i-Tail Americas, Inc., a United States of America registered subsidiary with a registered capital of USD 5 Million. The details of investment can be summarized as follows:
The date on which the transaction occurred: December 2021 - January 2022
Details of investment
Name of Company:
i-Tail Americas, Inc.
Objective of Operate:
Restructuring of an investment by acquiring shares in US Pet Nutrition,
LLC. ("USPN") which conducts sale and distributing of pet food
products in the USA from Thai Union North America Inc. ("TUNA"), in
order to increase flexibility in management and operation of pet food
business.
Transaction period
December 2021 - January 2022
Registered Capital:
USD 5 Million
Company Address:
2140 South DuPont Hwy, Camden, Kent Zip 19934
Shareholding Structure:
i-Tail Corporation Public Company Limited (ITC) (holds 100% of i-Tail
Americas, Inc.)
Board of Director:
1.
Mr. Chan Tin Shu
2.
Mr. Chan Shue Wing
3.
Mr. Pichitchai Wongpiya
Source of Funds
Cash from the Company's working capital.
Connected Nature
i-Tail Americas is not a connected person of the Company, and therefore, the investment to establish an associated company is not the connected transactions in accordance with the Notification of Capital Market Supervisory Board No. TorChor. 21/2551.
บริษัท ไทยยูเนี่ยน กรุ๊ป จำกัด (มหำชน)
THAI UNION GROUP PUBLIC COMPANY LIMITED
Tax ID & Registered no. 0107537000891 website: thaiunion.com
The size of this investment in the establishment of the company was 0.10% of the total value of consideration paid of the Company (as of 30 September 2021). The aggregate purchase price of all acquisitions of assets made during 6 months was 2.05%. Therefore, this acquisition of the assets shall not require mandatory public disclosure under the Notification of Capital Market Supervisory Board No. TorChor. 20/2551 Re: Rules on Entering into Material Transactions Deemed as Acquisition or Disposal of Assets and Notification of the Board of Governors of the Stock Exchange of Thailand Re: Disclosure of Information and Other Acts of Listed Companies Concerning the Acquisition and Disposition of Assets B.E. 2547.
6. Executive Committee' opinion in relation to the transaction
The Executive Committee remarks that restructure investment and establishment of i-Tail Americas, Inc., is appropriate and benefits to the company which can increase revenue and profits to the group companies.
Please be informed accordingly and consider further dissemination to investors.
Respectfully yours,
Thai Union Group Public Company Limited
Mr. Thiraphong Chansiri
President and CEO
Office of Company
Secretary
02-2980024 Ext 4242
บริษัท ไทยยูเนี่ยน กรุ๊ป จำกัด (มหำชน)
THAI UNION GROUP PUBLIC COMPANY LIMITED
Tax ID & Registered no. 0107537000891 website: thaiunion.com
Thai Union Group pcl published this content on 04 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 January 2022 01:48:00 UTC.
Thai Union Group Public Company Limited is a Thailand-based company. The principal activities of the Company and its Thai subsidiaries are the manufacture and sale of frozen, chilled and canned seafood. The Companyâs segment includes ambient seafood, frozen and chilled seafood and related businesses, pet food, and value-added and other businesses. The Companyâs subsidiaries are also engaged in packaging, printing, pet food, food ingredients and food supplemental businesses. Its subsidiaries in the United States distribute pet food, lobster, and other seafood products and import shrimp and other frozen seafood products for sale to restaurant chains, retailers and wholesalers. Its subsidiaries in Europe manufacture and distribute ambient and chilled seafood products to countries in Europe, the United States and Australia under their trademarks. Its subsidiaries in Asia manufacture and distribute seafood in Vietnam and China. The Company has 17 branches in Bangkok and Samutsakorn.