Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Thailand
  4. Stock Exchange of Thailand
  5. Thai Union Group
  6. News
  7. Summary
    TU   TH0450010Y08

THAI UNION GROUP

(TU)
  Report
SummaryNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

Thai Union Public : Achieves Its Target in Subordinated Perpetual Debentures and Senior Debentures Offerings

11/29/2019 | 04:13am EDT
  • Subscription of Thai Union's subordinated perpetual debentures meets THB 6 billion offering
  • Overwhelming Demand for 7-year and 10-year Senior Debentures, more than 3.5 times oversubscription
  • Strong offering signals that investors have confidence in Thai Union's business outlook
  • Thai Union will use funds from the offering to strengthen its financial structure

Caption: Thiraphong Chansiri, CEO, Thai Union Group PCL.

29 November 2019, BANGKOK - Thai Union Group PCL. said its sale of subordinated perpetual debentures had met expectations, with investors taking up both the THB 4 billion offering and additional greenshoe of THB 2 billion. The debenture issuance, to refinance bonds that become due this year so that the company's total debt will not be changed, will adjust the net debt to equity ratio (ND/E) of 1.35-1.40 times currently to 1.15 - 1.20 times.

Thai Union, which will use the funds to strengthen its financial structure and build a long-term financial foundation, said the success of the offering signaled that investors have confidence in the business capabilities and outlook for one of the world's largest seafood companies. The debentures will offer an annual return of 5 percent for the first five years.

'I would like to thank both institutional and general investors for their support of this offering, and our financial institution partners for arranging the debentures,' said Thai Union CEO Thiraphong Chansiri. 'These funds will be important not only in adding strength to our financial structure, but will also allow us to continue expanding our business as part of our strategy to build sustainable growth.'

The debentures were rated A-/Stable by TRIS Rating, while Thai Union was rated A+ with a stable outlook.

Separately, Thai Union Group also succeeded in issuing THB 6 billion worth of senior unsecured debentures to institutional investors on 6 November. The debentures were offered in two tranches - 7-year, THB 2 billion bonds with an interest rate of 2.78 percent per annum and 10-year, THB 4 billion bonds with an annual interest rate of 3.00 percent. The average interest rate of the senior debentures is 2.93 percent per annum and the average tenor is nine years. More than 20 institutional investors participated in the book building process. The debentures received overwhelming demand and were oversubscribed by more than 3.5 times by institutional investors.

Over more than four decades, Thai Union has expanded to become one of the largest seafood companies in the world with a portfolio of brands around the world. As part of its strategy to continue providing new and innovative products to consumers, Thai Union established the Global Innovation Center (GIC) in 2015, with a focus on combining modern nutritional science and production innovations to develop products that address the needs of consumers and the food industry.

Thai Union has been ranked No. 1 globally in the Food Products Industry Index of the Dow Jones Sustainability Indices (DJSI) for the past two years and has now been listed on the DJSI for six consecutive years. Recently, Thai Union took top spot in the inaugural Seafood Stewardship Index, which assessed the world's 30 largest seafood companies on their contributions to the sustainable management of the world's oceans and coastal ecosystems as well as the UN Sustainable Development Goals. Thai Union topped the benchmark in three key areas: governance and management of stewardship practices; ecosystems; and local communities.

'When choosing to invest in our subordinated perpetual debentures, investors not only considered the returns on their investment, but also expressed confidence in the outlook for our company,' Thiraphong said. 'To see such an overwhelming response from investors shows that they believe in Thai Union's commitment to build a business that delivers sustainable growth well into the future.'

About Thai Union Group
Thai Union Group PCL is the world's seafood leader bringing high quality, healthy, tasty and innovative seafood products to customers across the world for more than 40 years.

Today, Thai Union is regarded as the world's largest producer of shelf-stable tuna products with annual sales exceeding THB 133.3 billion (US$ 4.1 billion) and a global workforce of over 47,000 people who are dedicated to pioneering sustainable, innovative seafood products.

The company's global brand portfolio includes market-leading international brands such as Chicken of the Sea, John West, Petit Navire, Parmentier, Mareblu, King Oscar, and Rügen Fisch and Thai-leading brands SEALECT, Fisho, Qfresh, Monori, Bellotta and Marvo.

As a company committed to innovation and globally responsible behavior, Thai Union is proud to be a member of the United Nations Global Compact, and a founding member of the International Seafood Sustainability Foundation (ISSF). In 2015, Thai Union introduced its SeaChange® sustainability strategy. Find out more at seachangesustainability.org. Thai Union's on-going work on sustainability issues was recognized in 2018 and 2019 by being ranked number one in the world in the Food Products Industry in the Dow Jones Sustainability Index, achieving a 100th percentile ranking for total sustainability score. Thai Union has now been named to the DJSI for six consecutive years. Thai Union was also named to the FTSE4Good Emerging Index for the third straight year in 2018.

Media contacts

Thai Union Group PCL.
Wiriyaporn Posayanonda
Head of External Communications
M: +66.63.231.0385
E: Wiriyaporn.Posayanonda@thaiunion.com

Jirawat Montreevong
External Communications Manager
M: +66.80.976.4613
E: Jirawat.Montreevong@thaiunion.com

i2C Communications Co., Ltd. (On Behalf of Thai Union Group PCL)
Sirikwan Munjitjuntra
PR Manager
M: +66 .81.914.7556
E : sirikwani2c@gmail.com

Disclaimer

Thai Union Group pcl published this content on 29 November 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 November 2019 09:12:02 UTC


ę Publicnow 2019
All news about THAI UNION GROUP
06/17THAI UNIONá : Dr. Darian McBain Recognized as SDG Pioneer for a Sustainable Ocea..
PU
06/09THAI UNIONá : Corporate Venture Fund Expands Into Biotechnology; Invests in RNA-..
PU
06/01THAI UNIONá : Establishment of a new company in Japan - Japan Pet Nutrition Co.,..
PU
05/25THAI UNIONá : Releases 8th Annual Sustainability Report
PU
05/23THAI UNIONá : Wins New Code of Work Award 2021 for Outstanding Leadership
PU
05/20THAI UNIONá : Acquires Remaining Shares of Rügen Fisch
PU
05/10THAI UNIONá : Management Discussion and Analysis Quarter 1 Ending 31 Mar 2021
PU
05/10THAI UNIONá : Financial Performance Quarter 1 (F45) (Reviewed)
PU
05/02THAI UNIONá : Celebrates World Tuna Day, Reaffirms Commitment to 100% Sustainabl..
PU
04/29THAI UNIONá : Demonstrates Commitment to Transparency, Taking Part in Ocean Disc..
PU
More news
Financials
Sales 2021 135 B 4 265 M 4 265 M
Net income 2021 6 546 M 207 M 207 M
Net Debt 2021 50 811 M 1 607 M 1 607 M
P/E ratio 2021 13,5x
Yield 2021 3,96%
Capitalization 86 120 M 2 734 M 2 724 M
EV / Sales 2021 1,02x
EV / Sales 2022 0,97x
Nbr of Employees -
Free-Float 67,9%
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 16
Average target price 19,17 THB
Last Close Price 18,50 THB
Spread / Highest target 18,9%
Spread / Average Target 3,60%
Spread / Lowest Target -12,4%
EPS Revisions
Managers and Directors
NameTitle
Thiraphong Chansiri President, Chief Executive Officer & Director
Ludovic Regis Henri Garnier Chief Financial Officer
Kraisorn Chansiri Chairman
Thamnoon Ananthothai Independent Director
Kirati Assakul Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
THAI UNION GROUP0.00%2 734
MOWI ASA22.41%13 900
SALMAR ASA20.93%8 232
LERØY SEAFOOD GROUP ASA30.05%5 392
AUSTEVOLL SEAFOOD ASA31.24%2 671
NIPPON SUISAN KAISHA, LTD.25.59%1 510