Brokers' Take
Sino Grandness Food Industry Group
Oct 2 close: S$0.66
MAYBANK KIM ENG RESEARCH, Oct 2
ACCORDING to an announcement by Thoresen Thai Agencies Public Co Ltd (TTA), TTA and PM Group have become Sino Grandness's strategic investors after a private placement of 86 million new shares. Both belong to the Mahagitsiri family in Thailand.
Placement price of S$0.61/share was at a 9 per cent discount to Sino Grandness's last close. TTA and PM will together control 13 per cent of the company.
The placement raised S$37 million (185 million yuan) for Sino Grandness. This should ease its short-term liquidity pressure, partly arising from potential CB (convertible bond) redemptions this month.
Longer term, it is too early to ascertain any synergies from the new investors. PM Group is a big conglomerate in Thailand, with its own F&B (food and beverage) business. It makes and distributes N…
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