Thai transport-to-energy group Thoresen Thai Agencies Public Co. (TAA) has acquired a 9% stake in Chinese canned food maker Sino Grandness Food Industry Group for around S$24.5m (US$18.3m).
The move saw Sino Grandness issue 60.6m shares, making TTA the second-largest shareholder in the business. The Thai conglomerate will take one seat on Sino Grandness’s board.
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The deal is part of TTA’s long-term strategy to diversify its business and drive sustainable growth. TTA said Sino Grandness presents “strong growth potential” and “a stable revenue and profit stream”.
Chalermchai Mahagitsiri, TTA president and CEO, said: “In 2014 we made significant strides forwards in honing our vision and strategy and building upon our existing portfolio of bulk shipping, energy and infrastructure businesses. We are delighted to have completed this transaction as it represents the latest milestone in our journey as a rapidly growing conglomerate with a diversified set of international businesses and revenue streams.
“In line with this strategy, we will continue to drive organic growth, as demonstrated in 2014, while also seeking out other new investment opportunities that are aligned with our vision for the group’s future, particularly where we see synergies that can deliver incremental growth.”
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