BANGKOK, Oct 1 (Reuters) - Thai dry bulk carrier Thoresen Thai Agencies PCL on Wednesday said a subsidiary has signed an agreement to buy 9 percent of Singapore-listed Sino Grandness Food Industry Group Ltd for 954 million baht ($29.40 million).
The Thai shipper in a statement said the purchase would be its first step into the food and beverage sector, which it said is growing quickly in China where Sino Grandness is headquartered.
Wholly owned subsidiary Soleado Holdings Pte will buy 60.6 million new Sino Grandness shares for S$0.610 each, a discount of 8 percent from Tuesday’s closing price, Thoresen Thai said.
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Sino Grandness, a producer and distributor of canned food and fruit beverages, was not available for comment outside of regular business hours. Late on Tuesday, it had requested trading of its shares be halted “pending release of an announcement”.
$1 = 32.4500 Thai Baht Reporting by Khettiya Jittapong; Editing by Christopher Cushing