Shareholders of i-Tail Corporation Public Company Limited, or ITC, approved lending to Thai Union Group Public Company Limited in an amount not exceeding 6 billion baht to manage surplus cash efficiently. At the Extraordinary General Meeting of Shareholders No. 1/2569 held on 24 August 2569, shareholders attending and entitled to vote, representing 93.7 percent, voted in favour of the transaction, exceeding the required approval threshold of not less than three-quarters under relevant rules. Thai Union, as an interested shareholder, was not entitled to vote on this agenda item. Mr Roy Chan, Chief Executive Officer of ITC, said the voting result reflects overwhelming shareholder support for the transaction and confidence in the company's surplus cash management approach. This transaction will help ITC generate better returns from surplus cash while maintaining sufficient liquidity for business operations and future expansion. The transaction terms also include measures to protect the interests of ITC and its shareholders, such as setting a maximum lending amount, allowing ITC to recall the loan when necessary, and regular reviews of the recall right by non-interested directors.
i-Tail Corp. PCLITC shareholders approved lending up to 6 billion baht to Thai Union to manage surplus cash, which may generate better returns.
Thai Union Group PCLThai Union receives a loan from ITC, but the impact on Thai Union is not clearly positive or negative as it involves borrowing funds.
