NRF Books THB4.3 Million from Disposing ‘Nove Eats’

The share price of NR Instant Produce Public Company Limited (SET: NRF) closed the morning session with a decline of 1.74% to THB0.10 per share after the company announced the disposal of investment in Nove Eats Company Limited, while SET Index also dropped 20 points or 1.29% to close at 1,569.15 points.

The report said that on October 3, 2022, the executive committee’s meeting on September 29, 2022, passed a resolution to partially divest shares, resulting in a ceasing of a subsidiary company. The company selling the subsidiary of the company holds 51.0% of shares in Nove Eats Company Limited to Mr. Sew Hai Chiene Hester Arthur at a consideration amount of THB4,299,990, and he holds the remaining 43%, leading Nove Eats to cease to be a subsidiary of the company. That restructuring effort will focus on developing manufacturing capability through its new plant-based manufacturing plant and alternate eatery in Thailand.

NRF stated that the disposal of Nove Eats has no material impact on operation and financial position of the company.

Nove Eats offers plant-based foods and beverages such as hamburgers, fried spicy pork balls, etc. to consumers through convenient stores, supermarkets, and online food delivery such as Grab and export under brand.