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.

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