Asia Digest: Thai Union picks 25% in seafood retailer; Sunway pares stake in SG JV

Photo by Adrien Sala on Unsplash

SET-listed Thai Union Group has acquired a 25.1 per cent stake in Thammachart Seafood Retail and Malaysia’s Sunway Bhd is disposing its 30 per cent stake in Singapore joint venture for S$39.88 million ($29.26 million).

Thai Union picks stake in seafood retailer

Thai Union Group has acquired a 25.1 per cent stake in Thammachart Seafood Retail (TSR) for a cash consideration of 37 million Baht ($1.12 million).

The transaction is expected to complete by end of July, it said in a stock filing on June 25. Upon the acquisition, TSR will become an associated company of Thai Union group, which will launch TSR’s Qfresh brand frozen products. Incorporated in 2007, TSR operates around 158 locations in Thailand, including 150 retail counters in supermarkets and eight F&B outlets.

Sunway Bhd pares stake in Singapore JV

Sunway Bhd is disposing its 30 per cent stake in Singapore joint venture with Hoi Hup Sunway Novena (HHSN) to Hoi Hup Realty for S$39.88 million ($29.26 million) in cash, said Sunway in a filing with Bursa Malaysia on June 26.

The proposed disposal via its unit Sunway Development Pte Ltd, will enable Sunway to exit and monetise its investment in HHSN, besides marking the completion of the JV project – the Royal Square at Novena in Singapore, comprising a hotel, medical and retail units.

“The proceeds from the proposed disposal will be used for working capital and new land bank acquisitions, including but not limited to, Brookvale Park,” said Sunway.

It acquired Brookvale Park in Clementi, Singapore this February for S$530 million ($388.89 million) to redevelop it into a new private residential development via joint venture with Hoi Hup and SC Wong Pte Ltd.

Also read:

Malaysia: MaGIC partners Perak State; Sunway acquires land in Singapore

Thai Union buys minority stake in US seafood chain Red Lobster in $575m deal

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.