i-Tail Corporation Public Company Limited (SET: ITC), a subsidiary of Thai Union Group Public Company Limited (SET: TU), announced that the Board of Directors resolute to approve the establishment of two new companies in China i.e. i-Tail (Shanghai) Co., Ltd. and the Netherlands i.e. i-Tail Europe B.V. The transaction date is in February 2023.
1.i-Tail (Shanghai) Co., Ltd. with a registered capital of CNY 10,000,000, which is divided into 10,000,000 ordinary shares, with a par value of CNY 1 per share.
2. i-Tail Europe B.V. with a registered capital of EUR 1,000,000, which is divided into 1,000,000 ordinary shares, with a par value of EUR 1 per share.
The purpose of incorporation is to expand the sales of pet food and pet related products in China and Europe in order to gain new business of private label and regional brands and developing new opportunities of pet food and pet-related business.