TU Acquires 10% of RBF to Enhance Both Core Offerings and Newer Products
TU invests more than 3 billion baht in acquiring 10% of the shares in RBF from the Ratanapoompinyo group, with an aim to enhance both TU’s core offerings and newer products including alternative protein and pet care
On September 20, 2021, Kaohoon Turakij Newspaper reported that Thai Union Group Public Company Limited (TU) was in the process of acquiring 10% of the shares in R&B Food Supply Public Company Limited (RBF) from the existing stakeholder, the Ratanapoompinyo group.
A resolution was recently reached by the boards of directors of the two parties, and a report was submitted to the Thai stock exchange (SET) on the matter.
Thai Union Group Public Company Limited (TU) announced that the company by Executive Committee, which has authorities delegated from the Board of Director, approved to acquire 200,000,000 shares which is equivalent to 10% of total shares/voting rights in RBF worth 3 billion baht. The investment will create opportunities and business growths for the company in food ingredients.
With strong expertise in food and beverage innovation and ingredients, RBF will offer a specialized flavoring, fragrance, food coating products, and other food ingredients products. The offerings are designed to enhance and enrich flavor and odor as well as to improve overall quality and nutrition following demands from consumers’ needs and lifestyle.
After this transaction, TU expects to drive and accelerate business growth opportunities in the adjacent food ingredients industry, particularly to serve the increasing sophistication of ASEAN consumers. It can enhance both TU’s core offerings and newer products including alternative protein and pet care.
Meanwhile, R&B Food Supply Public Company Limited (RBF) notified that the company was informed by the major shareholders that there will be the transaction to sell RBF shares by the way of trading on the SET Big Lot Board (the Big Lot Transactions) by major shareholders of the company in total amount of 200,000,000 shares, representing 10.00% of the total issued shares, transaction size approximately 3,000 million baht, on 20 September 2021. The shares will be sold by Mrs. Petchara Ratanapoompinyo and Mr. Somchai Ratanapoompinyo.
RBF was informed that this share sale transaction to TU is a part of the plan to solidify the new business partnership between RBF and TU. The major shareholders believe that the partnership will provide opportunities for RBF to exploit by jointly developing and supplying innovative food ingredients, such as natural flavors, for subsidiaries of TU, as well as, provide opportunities for promoting and supporting RBF’s international expansion plan to build continuous and strong growth in the future of the company.
TU will nominate its representative(s) to serve as director(s) in RBF board of directors to strengthen the partnership. Nonetheless, the transaction will not affect management structure and overall business policy of RBF in any aspect.