NRF Announces a Divestment in ‘SeeWoo Chinatown’ for THB 48.5 Million

NR Instant Produce Public Company Limited (SET: NRF) has announced its disposal of investment in SeeWoo Chinatown Limited via the Stock Exchange of Thailand (SET).

The Executive Committee’s meeting, which has been authorities delegated from the Board of Directors, dated 22 December 2023 passed a resolution to divest shares in SeeWoo Chinatown Limited (SeeWoo), which is a subsidiary of NRF Consumer Limited (a subsidiary of the company in which the company holds 99.66%), to SK Global Holding Limited. As such, SeeWoo Chinatown Limited ceases to be a subsidiary of the company.

The transaction was completed on January 16, 2024, with a paid-up capital of GBP 1,000 (GBP: One Thousand) or 1,000 shares with a par value of GBP 1.0 per share. The consideration amount was GBP 1,080,000, which was set to be paid in two tranches, with GBP 1,000,000 in Tranche 1 and GBP 80,000 in Tranche 2 by March 15, 2024.

NRF Consumer became a shareholder with a 51% shareholding in SeeWoo Chinatown Limited in September 2023, with an investment amount of GBP 1,000,000 as well as the right to take board control and management control. Later, SK Global Holding Limited, who is the controlling shareholder of SeeWoo UK Limited, which owns 49% of SeeWoo Chinatown Limited, had requested to purchase back the shares at NRF’s initial cost plus GBP 80,000. The company is now in search of a supermarket in another location with the same value and in a prime area of London, based in Old Chinatown, in the Bayswater area, and opposite the main train station. SK Global Holding would work with NRF Consumer, Bamboo mart, and affiliates to launch Bamboo Direct, an application-based delivery service. Therefore, the transaction would benefit NRF needs as well as maintain strategic partnership to develop delivery based business.