TOKYO, May 23 (Bernama-BUSINESS WIRE) — Thai Wah Public Company Limited (“TWPC”), a listed company in Thailand, informed Japan Corn Starch (“JCS”) of its intention to acquire JCS’s 33.3% shares in Tapioca Development Corporation Limited (“TDC”) in order to potentially relocate the factory located in Pattaya Beach, Thailand, based on the expiration of the original lease agreement entered into thirty years ago. TWPC strongly requested JCS to transfer all of JCS stake in TDC for the smooth restructuring of TDC due to the expiration of the lease agreement. JCS understood TDC’s business strategy and its necessity to perform its obligation set forth in the lease agreement with its land owner for the lease of the land where the TDC’s factory has operated for thirty years. Therefore, JCS decided to agree to transfer all of its shares in TDC.
Given the foregoing background, effective as of April 24, 2019, JCS completed the transfer of all of its shares (33.33%) in TDC to Thai Wah Bio Power Limited (“TWBP”) which is a subsidiary company of TWPC. TDC is a manufacturer and distributor of modified starch in Thailand, and it was anticipated that the lease agreement with the land owner of the site of the factory in Pattaya Beach Thailand would not be renewed.
