Sino Grandness gets strategic investment from Thai conglomerates

Long beans being sorted by employees at a factory belonging to China-based canned food company Sino Grandness Food Industry. Mainboard-listed Sino Grandness announced on Thursday that Thai investment conglomerates, Thoresen Thai Agencies (TTA) and PM
Long beans being sorted by employees at a factory belonging to China-based canned food company Sino Grandness Food Industry. Mainboard-listed Sino Grandness announced on Thursday that Thai investment conglomerates, Thoresen Thai Agencies (TTA) and PM Group, have taken a 9 per cent and 3.77 per cent interest respectively in the company via a private placement of newly-issued shares. -- PHOTO: SINO GRANDNESS FOOD INDUSTRY  

SINGAPORE - Mainboard-listed Sino Grandness announced on Thursday that Thai investment conglomerates, Thoresen Thai Agencies (TTA) and PM Group, have taken a 9 per cent and 3.77 per cent interest respectively in the company via a private placement of newly-issued shares.

Upon completion of the placement exercise, TTA will become the second largest shareholder of Sino Grandness.

Mr Prayudh Mahagitsiri, honorary chairman of TTA and the founder and chairman of PM Group, who is known as the "Coffee King of Thailand", will be appointed honorary chairman of Sino Grandness.

"The transaction is not only to add equity funding to high-growth Sino Grandness, but also to create a new partnership aiming towards new product development as well as solid expansion into the South East Asian market," the company said in a statement on Thursday to the Singapore Exchange.