Thai Union Frozen Products increases conversion price on convertibles

By Marisa Wong

Madison, Wis., Sept. 1 - Thai Union Frozen Products PCL said it will adjust the conversion price on its convertible debentures.

The share price of Thai Union stock increased approximately 25% after the company's board of directors announced the acquisition of shares and the seafood business of MW Brands Holdings SAS. As a result, the conversion price was increased to 56 baht per share from 46 baht per share.

Because of the price adjustment, the company said it will also change the number of newly issued ordinary shares reserved for the issuance of convertible debentures to 42,857,143 from 52,174,000.

These ordinary shares will be allotted to existing shareholders in a rights offering or to investors in a private placement.

The company is a Thailand-based processor and exporter of canned and frozen seafood.

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