NRF Establishes 2 New Subsidiaries to Support Its Plant-Based Food Business
The establishment of new subsidiaries is part of the strategy to promote growth of its plant-based business and serve the increasing demand in the plant-based market
NR Instant Produce Public Company Limited (NRF) announced the progress of the establishment of joint venture/subsidiary companies together with the change of subsidiary company name. The details are as follows:
1. The establishment of Nove Eats Limited on 22 April 2021, a new joint venture company to invest in plant-based brands, with the registered capital of THB1,000,000, divided into 100,000 shares at par value of THB10 per share. The company will sell plant-based food and beverages to end customers under an internally developed brand. The company aims to sell its branded products through modern trade, convenient store, supermarket, food service industry such as franchise restaurants, as well as exporting to other markets.
This joint venture company is part of the strategy to promote growth of its plant-based business and serve the increasing demand in the plant-based market. The company foresees the opportunity to grow its business by leveraging on its existing production capabilities. Additionally, NRF aims to utilize knowledge learned and customer’s appetite obtained from the market to develop new iterations of plant-based products in the future.
2. The establishment of Nutra Regenerative Protein Company Limited (NRPT) on 25 August 2021, a new joint venture company to invest in plant-based production facilities, with the registered capital of THB300,000,000, divided into 3,000,000 shares at par value of THB100 per share. Establishing a plant-based food facility with an estimated capacity of 3,000 tons per year. The commissioning is expected to commence within the 4th quarter of 2022. The joint venture will engage in production and sales of plant-based food throughout ASEAN region as well as operating experience stores and research and development of alternative proteins.
NRF anticipates that the joint venture will expand its manufacturing capabilities and production capacity in the plant-based category. This is in line with the company’s strategy to support the growth of the plant-based industry and the “Food for Future”. The establishment of the new facility is expected to create economies of scale and improve gross profit for the plant-based production line. Innobic (Asia) Company Limited is a company under PTT group, focusing on investing into new industries and operating innovative products such as functional and Food for Future. NRF, therefore, foresees the opportunity to expand its plant-based business, add new production capabilities, and lower production cost for its plant-based products.
3. The change of subsidiary company name “Botany Studio Company Limited”
According to the resolution of the Board of Directors regarding the investment in pet food business by investing in 360,000 newly issued ordinary shares of Botany Studio Company Limited (Botany Studio) with the par value of THB100 per share, totaling an amount of THB36 million.
In this regard, NRF informed that Botany Studio changed the name to Botany Petcare Company Limited (Botany Petcare) on 28 September 2021. In addition, the company has completed the transaction since 1 October 2021. Thus, Botany Petcare is now the subsidiary company in which NRF holds 66.70% of total share.