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Thai Union Increases Stake In Russian Joint-Venture Vehicle To 90%

Thai Union Group has announced that it has increased its holdings in TUMD Luxembourg Sàrl (TUMD) by 45%, taking its total share and voting rights in the company to 90%.

The transaction was executed through the company’s Luxembourg-based subsidiary, Thai Union EU Seafood 1 SA (Thai Union EU Seafood).

TUMD acts as the joint-venture vehicle for Thai Union investments in three Russian companies - Dalpromryba LLC (Dalpromryba), Maguro LLC (Maguro) and Torgovo-Promyshlenny Komplex Dalprombryba (TPK DPR).

'Focus On Growth'

President of Thai Union Europe, Paul Reenan, commented, “Thai Union Europe has placed a focus on growth and fully unlocking our potential and this transaction is a key part of our roadmap of continued expansion.

“We’re pleased to be further consolidating our business in Russia and continuing our work in the country.”

Since 2018, Thai Union EU Seafood has held 45% of the share capital and voting rights of TUMD, with the remaining 55% held by MDF Investments Ltd (MDF), the company added.

MDF will remain as a 10% shareholder in the company.

© 2020 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.

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