Thoresen Thai Agencies Public Company (TTA) has acquired nine percent stake in Chinese canned food maker Sino Grandness Food Industry Group for around S$24.5m ($18.3m).
The acquisition forms a part of TTA's long-term diversification and sustainable growth strategy.
With this investment, TTA's growth potential is expected to become stronger. There will also be stable revenue and profit stream and low business risk.
Commenting on the acquisition, TTA president and CEO Chalermchai Mahagitsiri said: "In 2014 we made significant strides forwards in honing our vision and strategy and building upon our existing portfolio of bulk shipping, energy and infrastructure businesses.
"We are delighted to have completed this transaction as it represents the latest milestone in our journey as a rapidly growing conglomerate with a diversified set of international businesses and revenue streams.
"In line with this strategy, we will continue to drive organic growth, as demonstrated in 2014, while also seeking out other new investment opportunities that are aligned with our vision for the Group's future, particularly where we see synergies that can deliver incremental growth."
Sino Grandness produces and sells canned vegetables and fruits in Europe, North America, and Asia.
It offers canned fruits, such as mandarin oranges, litchis, pears, apple, pineapples, and yellow peaches; canned asparagus, long beans, and mushrooms, as well as water chestnut and sweet corn; and fruit and vegetable juices.
