TUF balance sheet strengthened by debt to equity swap as it continues to acquire companies
SEAFOODNEWS.COM [Thai News Service] - October 14, 2014 -
Standard Chartered Private Equity Ltd (SCPE) has confirmed it will exercise its right to convert a 60-million-euro (2.47 billion baht) euro-convertible bond (ECB) issued by Thai Union Frozen Products (TUF), the world's top exporter of canned and frozen tuna and shrimp, into 45.36 million shares.
"The decision to convert the ECB into shares is a clear indication of SCPE's confidence in the outlook of TUF's business, its solid performance and strong competitiveness," said Thiraphong Chansiri, TUF's president and chief executive.
SCPE is the sole holder of TUF's ECB issued in late October 2010 as part of a financing scheme to supply funds for the canned tuna manufacturer's acquisitions in Europe...
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