Bangkok-listed Thoresen Thai Agencies (TTA), controlled by Thai tycoon Prayudh Mahagitsiri, is going ahead with its plan to subscribe to a 9% stake in Sino Grandness Food Industry Group, the beleaguered vegetable processor and juice maker whose shares have been tumbling in the face of a research report that claims the company is worthless.

TTA, which is involved in dry bulk shipping, offshore services, fertilisers, port operations and logistics, tells The Edge Singapore that the company is aware of the selling pressure on Sino Grandness.

“At this stage, we intend to proceed with the placement and are in discussions with the Sino Grandness management team on the details of the transaction, in line with our objective of protecting the interests of our shareholders.”

TTA, through subsidiary Soleado Holdings, agreed in early October to subscribe to 60.6 million new shares in Sino Grandness at 61 cents each.

At the same time, Prayudh’s privately-held PM Group, which has interests in consumer products, property deve lopment and entertainment, had agreed to subscribe for 25.4 million new shares in Sino Grandness at the same price, giving it a 3.77% stake in the enlarged company.

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