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TTA buys into Sino Grandness
Thoresen Thai Agencies Public Company (TTA) has completed its acquisition of 60 million shares, equivalent to 9% of Sino Grandness Food Industry Group.
The Asset 6 Jan 2015

Thoresen Thai Agencies Public Company (TTA) has completed its acquisition of 60 million shares, equivalent to 9% of Sino Grandness Food Industry Group.

 

Chalermchai Mahagitsiri, president and CEO of TTA 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. 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."

 

Through a private placement, Sino Grandness allotted and issued 60.601 million shares to Soleado Holdings (the placement shares), making TTA the second largest shareholder, with one board seat.

 

The 60.601 million shares held by Soleado represent 9% of the enlarged issued share capital of Sino Grandness at the issue price of S$0.4035 per share, or an aggregate consideration of S$24.452 million. The issue price was the volume weighted average price per share traded on the SGX-ST on the last market day immediately preceding the date of completion, under the supplement deed between Soleado and Sino Grandness. The placement shares were listed and quoted on the main board of the SGX-ST effective from 9 a.m. on January 2 2015.

 

One of China's leading canned food and fruit beverage producers and distributors, Sino Grandness has captured more than 75% of the Chinese loquat juice market, a market which global consulting firm Frost & Sullivan forecasts will grow at an average of 39.3% per year through 2017.

 

 

 

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