View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
October 1, 2014

Thoresen Thai buys Sino Grandness stake

Thoresen Thai Agencies (TTA) has signaled its intention to diversify its business activities with the acquisition of a minority stake in Singapore-listed Sino Grandness Foods.

Thoresen Thai Agencies (TTA) has signaled its intention to diversify its business activities with the acquisition of a minority stake in Singapore-listed Sino Grandness Foods.

The Thai shipping giant will purchase 60.6m newly-issued Sino Grandness shares for S$0.61 each through its subsidiary Soleado Holdings. The investment equates to 9% of the Chinese juice and canned food company’s enlarged share capital, making TTA the second-largest shareholder in the group.

Sino Grandness plans to increase capital to finance its growth. The private placement was the first phase, to be followed by a spin-off its fruit juice segment, TTA said.

The firm added: “TTA secures this opportunity because it matches our new investment criteria in providing growth potential and healthy profitability.”

TTA is implementing a strategy to expand its investment profile and gain access to what it sees as high-growth areas, such as food and beverage sales in China. The company indicated it is targeting investments that generate returns of no less than 11%.

“The investment is the first step for TTA towards creating sustainable growth… by expanding its footprint into high-growth and high-profitability margin food and beverage in the People’s Republic of China, the world’s fastest growing major economy,” TTA stressed.

Related Companies

Topics in this article: , ,
NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Friday. The industry's most comprehensive news and information delivered every other month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Just Food