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

By Dayeeta Das
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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.”

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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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