August 11, 2009
Thailand's Sea Horse quits frozen seafood business
Thailand seafood exporter Sea Horse will exit the frozen seafood business and turn itself into a tapioca-based ethanol producer and distributor to capitalise on the trend towards cleaner energy, according to local media reports.
CEO Siritaj Rojanapruk said that the company expects revenues of THB3 billion to THB4 billion in the first year of operation in 2011, compared to about THB500 million a year from producing and exporting frozen seafood.
According to its filing to the Stock Exchange of Thailand, its first ethanol plant is expected to be completed in early 2011.
Its board of directors recently approved the sale of its food-related assets to Seahorse Intertrade, its previous owner. The deal is pending shareholder approval.
Siritaj said the ethanol project would cost THB4 billion, of which THB3 billion will be funded by loans and the rest come from the company's cash.
US$1 = THB34.122 (Aug 11)
