NRF’s CEO Expects to Gain Competitive Edge and Financial Strength from the Listing

“Dan Pathomvanich” Expects NRF to Gain Competitive Edge and Financial Strength from Listing in the Thai Stock Market.

NRF Chief Executive Officer Dan Pathomvanich said the listing on SET will enhance NRF’s competitive edge, increase business expansion opportunities, and build financial strength. The fund raised will  be used to enlarge production capacity, increase distribution channels and add investment valuation in companies with expertise in plant-based food, to finally transform into the future food firm.


NRF’s dividend policy is to pay no less than 30 percent of net profit after reserves. However, the company’s dividend payout may be different from this policy subject to the company’s performance, financial position and liquidity and other factors related to the company’s operation and management.


NRF’s major shareholders after IPO are Pathomvanich family (68.2 percent) and Dusit Foods Co., Ltd. (5.00 percent). The IPO price was set by a book building process among institutional investors, equivalent to price-to-earnings (P/E) ratio of 82.71 – 95.12 times, calculated from a net profit of THB 65.6 million over the latest four quarters (starting from September 23, 2019 to September 21, 2020), divided by fully diluted shares, representing earnings per share of THB 0.05.

NRF has a paid-up registered capital of THB 1.36 billion, consisting of 1.066 billion existing common shares and 290 million newly issued shares, with a par value of THB 1 each. It offered the entire newly issued and another 50 million existing shares to the public during September 28 – October 5, 2020 at THB 4.6 each for a total of THB 1.56 billion. Siam Commercial Bank pcl is its financial advisor and SCB Securities Co., Ltd. is lead underwriter.


NRF manufactures and distributes condiments, ready-to-cook food, ready-to-eat meals and instant drinks, and plant-based protein food. It currently exports over 2,000 types of products and more than 500 food recipes to over 25 countries worldwide. NRF’s three main business groups are: 1) Ethnic food consisting of OEM business and products under the company’s own brands; 2) Plant-based food consisting of plant-based protein food; 3) Functional product consisting of products with specific functions and non-food consumer products contained in eco- and consumer-friendly packaging. The  company is committed to sustainable business practices, aiming to become a leader in eco-and consumer-friendly food manufacturing and distribution industry in compliance with  international standard of  manufacturing process, particularly food safety.