NRF Expects a Capital Increase for a Share Swap of 49% Stake in “Golden Triangle Health”
NRF expected to increase its capital for a 49% stake share swap of "Golden Triangle Health" to proceed with hemp business.
NR Instant Produce Public Company Limited (NRF) has announced that the Board of Directors approved to acquire 49% of ordinary shares in Golden Triangle Health Company Limited (GTH) through its wholly-owned subsidiary, Super Plants Limited, with an investment value around 62.91 million baht to 77.8 million baht.
The Board of Directors also approved the resolution to propose to the extraordinary general meeting (EGM) for a capital increase by issuing the newly issued ordinary shares not exceeding 7,643,892 shares at par value of 1.00 Baht per share to support the 49 percent investment in ordinary shares of GTH of not exceeding 7,643,892 shares in a share swap with two shareholders of GTH.
The investment in GTH allows NRF to become a leader in the industrial hemp business in Thailand for local and export with various competitive advantages. After the legalization of hemp industry in Thailand, the company anticipates that the market will expand continuously over the years. GTH’s expertise will allow NRF to incorporate hemp into ethnic, plant-based, and functional sectors.
GTH also offers food and beverages under its own brands and has partnerships with leading consumer brands in Thailand as mentioned previously which will help drive volume as well as distribution across Thailand.
The EGM will be held on 8 July 2021 at 2:00 pm., and the transaction is expected to be completed in 3Q21.