SINGAPORE - Mainboard-listed Sino Grandness Food Industry Group, a Shenzhen-based food and beverage company principally involved in the production and distribution of fruit juices as well as canned food products, has agreed to place out 86 million new shares at 61 cents apiece.

The subscribers are Thailand-listed Thoresen Thai Agencies Public Company and PM Group Company.

Upon completion of the placement exercise, Thoresen will become the second largest shareholder of Sino Grandness, with a 9 per cent stake and be invited to take up a board seat at Sino Grandness.

PM Group's stake works out to about 3.8 per cent.

Chairman and chief executive Huang Yupeng remains the biggest shareholder, with a direct stake of more than 40.1 per cent.

Mr Prayudh Mahagitsiri, honorary chairman of Thoresen and the founder and chairman of PM Group, shall be appointed as honorary chairman of Sino Grandness.