ThaiBev forms JV to produce nutritious food and beverage products

A NEW joint venture (JV) involving Thai Beverage Public Co (ThaiBev) will produce nutritious food and beverage products.

ThaiBev on Monday said that its wholly-owned subsidiary BevTech has entered into a 51:49 JV with Thai Union Ingredients, an unrelated third party and the wholly-owned subsidiary of a Thai-listed company.

Pursuant to the JV, a new JV company named Food and Beverage United (FBU) was incorporated in Thailand. FBU will be principally engaged in the product development, production and distribution of nutritious food and beverage products under its own brand or trademark.

FBU has a registered capital of 10 million baht (S$434,483), consisting of one million shares with a par value of 10 baht each. ThaiBev subsidiary Thai Drinks holds one share.

ThaiBev said the investment was funded through internally generated funds, and is not expected to have a material impact on the earnings per share and net tangible assets of the company for the financial year.

The counter ended Monday flat at 59.5 Singapore cents.