Thai Union Group is reorganising some of its finance functions in order to "unlock trapped cash" from its global businesses.
The seafood giant, which owns businesses in Europe and North America, has obtained a treasury centre license from the Thai Ministry of Finance and the Bank of Thailand to set up a global treasury centre in the country. The centre would centralise liquidity, foreign exchange risk management and funding activities back to Thailand, Thai Union said.
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"This will be an important part to form up the international headquarter in Thailand," the company revealed in a statement. "The solution will allow Thai Union Group to unlock trapped cash sitting in [our subsidiary] accounts globally whilst maximising internal funding."
Earlier this year, Thai Union group signalled that it is interested in further acquisitions to consolidate the seafood sector in developed markets following three significant deals in Europe and the US. In 2014, the Thai company acquired US canned tuna maker Bumble Bee Food for US$1.51bn, as well as the MerAlliance and King Oscar businesses in Europe.
