Prices of Thai Union Bounce Back as CEO Reaffirms of Not Disposing ‘Red Lobster’

The share price of Thai Union Group Public Company Limited (SET: TU) rose 3.44% in the morning session on Monday after the CEO of the world’s leading canned tuna producers reiterated that the company will continue to support the Red Lobster business.

After the report by Bloomberg last Friday that Thai Union Group is looking to sell its Red Lobster business that has been recording losses for several years, the share price of TU’s who is a major shareholder fell by as much as 6%.

However, TU’s Chief Executive Officer Thiraphong Chansiri stated that the company does not have any plan to sell Red Lobster and will support the business to follow its strategic plan.

He asserted that the operating performance of Red Lobster continued to record better results in the direction that the company had hoped.

The share price of TU rose as much as THB 0.50 or 3.44% to THB 15.00 per share on Monday. As of 12:09 BKK time, TU is trading at THB 14.90 with a gain of 2.76%.