Oishi Group will be delisted from Thailand’s stock exchange after Thai Beverage (ThaiBev) announced that it had acquired another 70,662,764 shares in the company.
The additional shares purchased represent 18.84% of Oishi, bringing ThaiBev’s ownership up to 98.5%.
ThaiBev bought a 43.9% stake in Oishi from Yodkit Thurakij for THB 3.045 billion (approx. $94 million) in 2008.
The tender offer in line with the delisting of Oishi Group in Thailand closed on 21 August. The Oishi delisting is expected to occur in due course.
Thailand-based Oishi operates Japanese restaurants in the country and produces ready-to-drink tea beverages, mainly under the brand Oishi Green Tea, which are exported to several international markets.
In 2012, ThaiBev purchased Fraser and Neave, a conglomerate with a portfolio of food and beverage brands such as Carnation and Sunkist.
Fraser and Neave announced it had entered into the upstream fresh milk business following the groundbreaking ceremony of the group’s integrated dairy farm in Gemas, Negri Sembilan in July of this year. The company invested at least MYR 1 billion (approx. $216.48m) for the development of phase one of the farm.
Financial details of ThaiBev’s Oishi shares acquisition were not disclosed.
© FoodBev Media Ltd 2024