The Chief Financial Officer (CFO) of Thai Union Group PLC, Thailand, through a press statement, has assured continuity of the organization's investment in Avanti Feeds Limited
. This statement was issued after a few investors expressed concerns over continuity of the same.
Thai Union Group would remain invested in the company on a long-term basis. It plans to further invest in the shrimp-processing joint venture Avanti Frozen Foods Private Limited, which is a subsidiary of Avanti Feeds Limited.
Thai Union stated that it is committed to consistently maintain its shareholding in the company in a range of 20-25% consistently. The additional planned investment in Avanti Feeds’ subsidiary would aid in strengthening the company’s quality processes and leadership in Indian exports to the US, Europe, and Asia.
Avanti Feeds is a valued strategic investment and an integral part of Thai Union’s manufacturing network and diversification strategy.
Thai Union's shareholding in the company has reduced marginally from 24.85% as on March 31, 2018, to 24.75% as on June 30, 2018.
Avanti Feeds' stock, meanwhile, has corrected around 47% amidst price and volumes uncertainty.
Avanti Feeds share price is currently at Rs457.10, up Rs8.05, or 1.79%, from its previous close of Rs449.05 on the BSE.