NR Instant Produce Public Company Limited (SET: NRF) announced that the Board of Directors meeting dated 28 January 2022 has approved the additional objective of the joint venture and establishment of a new subsidiary in the US. The details are as follows:
1. Approval of the establishment of a new subsidiary in the United States with the purpose of creating, producing, marketing, buying/selling/swapping, and owning all forms of digital content and assets, as well as producing, selling, and marketing products produced by the company and affiliates, and also promoting the company and affiliates.
The new subsidiary shall be responsible to manage and operate the company’s digital asset in the US. The establishment is expected to be completed on 30 April 2022.
NRF shall hold 100%. However, the company may bring in strategic partners at a later stage which the company will inform accordingly.
2. Approval of additional objectives of the joint venture in the cold chain logistics business, EKOLD Limited.
EKOLD Limited conducts the cold chain logistics for industrial goods, food and agriculture, cold chain warehouses, cold storage, as well as Platform (Online / AI) together with investing in digital assets including mining and trading in digital assets. Approved registered capital is THB50,000,000, divided into 500,000 shares at par value of THB100 per share.
NRF holds 60% of total shares, while Begistics Public Company Limited holds 40% of total shares (not a connected party).
The joint venture company is part of the strategy to promote growth of its plant-based business through cold chain logistic platforms. The cold chain logistics company ensures that the products and raw materials are stored and maintained effectively and reach the hands of our customers in a good and timely manner.
The joint venture will provide service for both the company’s plant-based products as well as serving industry demand for cold chain distribution. Given Begistics’ know-how and expertise in the logistic industry, the joint venture will engage the cold-chain business with strong management and operational excellence in mind.
The company therefore foresee the opportunity to expand its plant-based business as well as reducing distribution and selling costs for the company’s other businesses. In addition, the company anticipates rapid growth in digital assets, specifically the cryptocurrencies with environmentally friendly features that can expand the business opportunities and contribute to the company performance in the future.
