ITC Gains 4% after Parent Company ‘Thai Union’ Scoops Shares at Low Prices

The share price of i-Tail Corporation Public Company Limited (SET: ITC) rose THB0.80 or 4.00% to THB20.80 per share in the morning session on Tuesday after its parent company Thai Union Group Public Company Limited (SET: TU) announced to acquire additional 30 million shares of ITC.

TU announced on Monday that its Board of Directors considered that at the present time, the market price of ITC is below the basic price. Therefore, it is appropriate to approve an additional investment in the ordinary shares of ITC in an amount not exceeding 30 million shares within the approval budget of 750 million baht.

TU held 77.82% of shareholding in ITC. The additional acquisition of 30 million shares will up its stake to 78.82%.

The share price of ITC is now 35% below its IPO price of THB32.00 per share. However, the price made some gains prior to the announcement with an increase of 1.59% on last Wednesday before closing for a holiday, and then settled with a 4.17% gain on Monday before the announcement.