Hemp Today reports..
Publicly traded Thai food company NR Instant Produce (NRF) said it intends to purchase an additional 51% of Golden Triangle Health Company Limited (GTH), which would give NRF 100% of the Bangkok-based hemp operator.
NRF said its purchase of GTH, a vertically integrated hemp business, will help it to establish a leading position in the ethnic, plant-based, and functional products sectors in Thailand, which it expects to experience strong growth in the coming years.
Sustainably produced food
NRF is focused on sustainably produced food products. The company, which dates to 2019, said its board passed a resolution to pay 60 million Baht (€1.5 million /$1.8 million) in cash to purchase the shares from GTH owner Julpas Kruesopon following its purchase of 49% equity earlier this year.
NRF launched on the Stock Exchange of Thailand one year ago as the first public company in the plant-based category. The company raised around $51.4 million in its initial offering, and the stock doubled in price when it debuted Oct. 9, 2020. NRF produces food items made from plant proteins to resemble animal meat products, including vegan meats made from jackfruit and eggplant, shirataki or konjac noodle.
Global expansion plans
GTH operates food and beverage businesses based on imported industrial hemp, and owns hemp-related retail shops for which it also offers franchising. The company partners with leading Thai cosmetics and other consumer brands such as Dentiste Smooth E, a health products maker, and Siang Pure, a producer of oils, balm and inhaler products.
The transaction, approved by the NRF board Oct. 15, 2021, is expected to be completed by the end of the year.
NRF’s board also passed a resolution during its October meeting to establish four new wholly-owned subsidiaries in a restructuring that aims to facilitate the international expansion of its plant-based business in Asia, the United States and Europe.