Thai Union Increases Its Grip On Songkla Canning

Getting its hands on an extra 9.56 percent stake in Songkla Canning, Thai Union now holds just over 90 percent of all shares in its subsidiary company, hoping to significantly boost its cut of the firm’s profit.

The acquisition bumps TUF’s holding in Songkla up to a total of more than 32.5 million shares. Price per share was calculated at THB 191, meaning that the overall transaction value has been noted at THB 196.25 million.

The extra shares were bought from Tokyo-based firm, Nissui. Thai Union’s Board of Directors has approved the purchase, which is aimed at increasing its profit share in the firm.

Songkla Canning is a processor and exporter of canned seafood based in Songhkla, in the South of Thailand, with operations in tuna, shrimp, crab and baby clam, including Thai Union’s big US canned tuna brand, Chicken of the Sea. The company operates as a subsidiary of Thai Union Frozen Products.