Sea Value Also Takes Over Unicord ff

Sea Value Companies Limited has acquired a 98% in Unicord Plc, a canned tuna exporter that collapsed under a huge load of debt in the mid-1990s. Sea Value was formed last year by three major frozen seafood producers: Andaman Seafood, Chantaburi Sea and Thailand Fisheries. Earlier this year it took over Narong Canning Group, said Poj Aramwattananont, the president of Andaman Seafood,

Sea Value now trails only Thai Union Frozen Foods in frozen seafood exports, Mr. Poj said.

”We’re now the second largest in the industry,” he said, adding that the company did not rule out a listing on the Stock Exchange of Thailand in the future.

The Unicord acquisition is expected to be finalized in October, following negotiations with Pornphun Konuntakiet, the widow of founder Damri Konuntakiet.

Unicord filed for bankruptcy in 2000 with debt of 7.1 billion baht. The company had faced troubles well before, however, after amassing huge debt following the takeover of the US tuna producer Bumble Bee in 1989 for $269 million.

Mr. Damri committed suicide in 1995, plunging the company into further turmoil. Unicord was delisted from the Stock Exchange of Thailand in 1998.

Unicord later sold off Bumble Bee, and recently completed its court-supervised business rehabilitation.

With annual turnover of around 1.5 billion baht, the company has a tuna canning plant in Samut Sakhon, with processing capacity of 400 tons per day.

Unicord exports products to North America, Europe, the Middle East, South Africa and Japan.