NRF Gains 7% after Forming a Partnership with PTT to Penetrate Plant-Based Food Business

The share price of NR Instant Product Public Company Limited (NRF) rose ฿0.70/share or 7.29% to ฿10.30/share as of 10:43 local time in Thailand, with a trading value of 582 million baht. 

 

NRF’s share prices increased significantly after the company announced the partnership with PTT Public Company Limited (PTT) to establish a joint venture company with an objective to produce and sell plant-based food throughout ASEAN region as well as operating experience stores and research and development of alternative proteins. This joint venture is expected to commence within the 4th quarter of 2022.

 

The Board of Directors’ meeting on 20 May 2021 has approved the investment in establishing a plant-based food facility with an estimated capacity of 3,000 tons per year, with the registered capital not in excess of 300 million baht. The commissioning is expected to commence within the 4thquarter of 2022. The joint venture will engage in production and sales of plant-based food throughout ASEAN region as well as operating experience stores and research and development of alternative proteins.

 

NRF anticipated that the joint venture will expand its manufacturing capabilities and production capacity in the plant-based category. This is in line with the company’s strategy to support the growth of the plant-based industry and the “Food for Future”. The establishment of the new facility is expected to create economies of scale and improve gross profit for the plant-based production line. Innobic (Asia) Company Limited is a company under  PTT  group, focusing on investing into new industries and operating innovative products such as functional and Food for Future. The company, therefore, foresaw the opportunity to expand its plant-based business, add new production capabilities, and lower production cost for its plant-based products.