Dusit Thani PCL plans to enter food business with strategic investment in NR Instant Produce Co., Ltd.

Stocks and Financial Services Press Releases Friday March 2, 2018 19:04
Bangkok--2 Mar--i2C Communications
Development is in line with hospitality company's strategy to diversify   its lines of business and generate revenue from adjacent industries

Dusit Thani Public Company Limited (DTC), one of Thailand's foremost hotel and property development companies, has announced its plans to invest around 660 million baht for an approximate 26% share in NR Instant Produce Co., Ltd., (NRIP), a well-known producer of ready to cook, ready meals, seasoning powders, dipping sauces, drinks and juices.

To invest in NRIP, whose signature brands include Por Kwan, Lee, Thai Delight, DEDE, and Shanggie, DTC will establish Dusit Foods Co., Ltd., a new subsidiary designed to leverage Dusit's rich experience in food and beverage service. The investment approval process will be completed at the end of March.

The investment forms part of DTC's three-pronged strategy for sustainable and profitable growth, which includes balance, expansion, and diversification. Investment in NRIP is considered DTC's first investment in an entirely non-hotel related business. It follows last year's announcement of DTC's investment in a mixed-use project in Bangkok, which will include a new flagship Dusit Thani Bangkok hotel at the heart of the project.

"With our expertise and experience in F&B, there is huge growth potential for our company in the food business," said Ms Suphajee Suthumpun, Group CEO, DTC. "With time, we hope to create a partnership with NRIP to develop a line of Dusit-branded, premium products for local and international consumer markets."

Ms Suphajee added that the investment in NRIP would strengthen DTC's investment portfolio, and is in line with the company's long-term operating plan which comprises five approaches: 1. Efficiently manage existing assets and provide appropriate returns; 2. Expand its hotel business in Thailand and overseas; 3. Diversify its lines of business to mitigate risk; 4. Expand its customer base and enhance brand image worldwide; and, 5. Strengthen its management and operation teams to expedite business expansion.

Reporting its financial results for 2017, DTC noted a total revenue of THB 5.570 billion and a net profit of THB 267 million, a 2.7% and 134% rise YOY respectively. The company's Board of Directors has approved a dividend payment of THB 0.158 per share, to be paid on 11 May 2018.

About Dusit International

Dusit International was founded in 1948 by Honorary Chairperson Thanpuying Chanut Piyaoui, whose ?rst hotel was the Princess on Bangkok's Charoenkrung Road. Today the company is a leader in hotel management, franchising and education and comprises a unique international portfolio of distinctive hotels and resorts operating under four brands: Dusit Thani, dusitD2, Dusit Princess and Dusit Devarana.

The company currently operates 27 properties worldwide and has over 50 confirmed projects in the pipeline in key destinations such as Australia, Bhutan, China, Indonesia, Kenya, Myanmar, Oman, Philippines, Qatar, Saudi Arabia, Singapore, Thailand, Turkey, and UAE.

Dusit International also operates the signature Devarana Spa and has a fast-growing Education Division. The latter, established in 1993, comprises Dusit Thani College, which offers vocational and postgraduate hospitality degrees at campuses in Bangkok and Pattaya; Le Cordon Bleu Dusit Culinary School; and the recently opened Dusit Thani Hotel School, which is Thailand's first hospitality school based on the ASEAN Common Competency Standards for Tourism Professionals.

For more information, please visit www.dusit.com.
About NRIP

With over 25 years of experience, NR. Instant Produce Co., Ltd partners with innovative brands to create safe, delicious and high quality food solutions that delight customers and enrich people's lives. Based in Thailand and working with local corpoorations and customers in Europe, the US, Australia, and other countries worldwide, NRIP aims to provide excellent quality products and has a dedicated team of expert nutitionists dedicated to continuous improvement. Its own brands include Por Kwan, Lee, Thai Delight, DEDE, and Shanggie. NRIP products have been certified by BRC Global Standard, IFS Food, GMP, GRI and HACCP as well as US FDA standards.


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