NRF Invests THB51 Million in SPAC for Global Investors and Capital Markets Access

NR Instant Produce Public Company Limited (SET: NRF) has announced that Executive Committee meeting No. 7/2023 dated 27 June 2023 (under the delegation of authority by the Board of Director) passed a resolution to invest in Kairous Asia Limited and reported to the Board of Directors meeting No. 9/2023 dated 18 July 2023.

Kairous Asia Limited operates and manages a Special Purpose Acquisition Company (SPAC), named Kairous Acquisition Corp. Limited (KACL). The purpose of a SPAC is to raise capital from investors through an Initial Public Offering (IPO) on the Nasdaq stock exchange with the objective to merge with an operating target company.

The investment follows the company’s strategy to strengthen its plant-based food, e-commerce, and/or other business group of the company, where it has initially explored since 2021. The access to a successful SPAC can lead to strengthening of portfolio companies, increased access to global investors and capital markets, improved reputation, and broadened awareness of the business in the global competitive landscape.

Under the resolution, the company has acquired 49.0% of the stake in Kairous Asia Limited with a total consideration of not more than 1.486 million USD (or approximately 51.6 million Baht).