Bangkok: Thoresen Thai Agencies (TTA) continues to diversify its earnings base amid a protracted dry bulk downturn.
TTA announced yesterday its entrance into China’s fast-growing food and beverage sector, snapping up 9% of Sino Grandness Food Industry Group, a Singapore-listed canned food and fruit beverage producer and distributor in China. The deal is costing TTA close to S$40m.
“Over the past several years, TTA has been evolving from a pure shipping company into a conglomerate with investments across a diversified set of businesses in Thailand and beyond. This strategic partnership adds another business engine to our long-standing operations of dry bulk shipping, energy, and infrastructure, while aligning perfectly with our continuing efforts to take advantage of market opportunities across our key subsidiaries and associate companies,” said Chalermchai Mahagitsiri, TTA’s president and ceo. [02/10/14]