NR Instant Produce (NRF) IPO: First Thai Listing in Plant-based Food Business

BANGKOK, Oct 9, 2020 - (JCN Newswire) - NR Instant Produce PCL (SET: NRF), a leading manufacturer and exporter of food and condiments, advanced its investment plan following its official listing on the Stock Exchange of Thailand (SET) with the distinction of being the first listed Thai company in the field of plant-based food. NRF have demonstrated the clear vision to become the world-leading food producer and the first Thai company to move forward as a leader in the field of plant-based food with the policy to become "The Purpose-Led Company", meaning a company that drives the organisation and the brands towards clearly defined goals. The Company is also determined to conduct its businesses in a sustainable manner so as to become the top-of-mind processed food manufacturer at the international level.

Mr. Dan Pathomvanich, Chief Executive Officer of NR Instant Produce PCL (NRF) announced that the Company's
shares began trading today on the SET under NRF to increase its financial strength and the capability to expand its businesses to support the advance toward the leadership in the food industry at the global level and for the Company to become the "platform for future food". NRF is well recognised as the manufacturer, procurer and distributor of condiments, processed food and processed food ingredients, vegan food without eggs and milk in the ingredients, food from plant protein and instant drinks in both liquid and powder forms, as well as non-food consumer products in V-shape packaging (friendly to consumers and the environment).

The Company's long-term goal is to become a producer of "food for the future"with the emphasis on food innovations that will help to create sustainability for the entire food industry ecosystem, through a policy of becoming a "purpose-led company"to leverage exponential growth with sales revenues increasing to 3,000 million baht within the next five years (2024), from 2019, when sales totaled 1,111 million baht. NRF will concentrate on Thai food and ethnic food, plant-based food, and consumer-friendly functional products.

Following the listing on the SET, the Company plans to increase its outlay in 2020-2022 with 1,068 million baht in investment, divided into 270 million baht in the ethnic food group through the increase in manufacturing capacity and improvement in the Company's manufacturing process, and that of City Food's that will help to increase production by about 35 percent from today's 19,000 tons per year, as well as the plan to buy the remaining 85 percent shares in City Food Company Limited, where the Company has already invested 15 percent of registered capital.

The company has its manufacturing facilities in Nakhon Pathom and Ratchaburi provinces. The investment in the plant-based food business group will involve a budget of 408 million baht divided into the construction of a plant-based food manufacturing plant in Thailand;The procurement of plant-based manufacturing plants in the United Kingdom and the United States through a joint venture with The Brecks Company Limited (Brecks) to set up Plant and Bean Limited in England. At present, NRF holds 25 percent of this venture and plans to increase the share in the company by another 25 percent to 50 percent in 2021;The investment increases in Big Idea Venture and New Protein Fund 1 to leverage the opportunity to access more customers by being the preferred co-packer for startups as well as to access the latest knowledge and technology in this industry;and the investment in the second production line for konnyaku to increase production capacity that is expected to ramp up production in Q4/2020.

There is also the investment in functional product business group which consists of non-food consumer products contained in packaging that are friendly to consumers and the environment (V-shape), with the plan to co-invest 90 million baht in the another five V-shape production lines following the Company's contract signing with Fluid Energy Group Limited, the innovation leader in environmentally-friendly chemicals to service V-shape machinery for the production of sanitization products for sale in Canada, the United States and the Middle East, as well as an over 300 million baht investment in E-Commerce platforms through the joint venture with Boosted ECommerce Inc. (Boosted) in two areas - The investment in Boosted group of companies to manage the third-party sellers'e-commerce businesses on the Amazon e-commerce platform and to set up a consumer package goods joint venture in food manufacturing (including pet food).

Ms Veena Lertnimitr, Executive Vice President Investment Banking Function, Siam Commercial Bank Plc., in the capacity as the financial advisor and underwriter, said NRF is a company that is not only conducting its businesses for profit but also places great importance on sustainable supply chain, from the procurement process to production, storage, logistics and distribution. At the same time, the Company also holds significance among all stakeholder groups from upstream to downstream to provide food products with superb taste and for health benefit, allowing the consumers to choose to their utmost satisfaction. Most important is the environmentally friendliness through the creation of products for sustainable Earth, and innovating excellent products that are friendly to the society and the environment, such as the reduction of animal meat consumption replaced by plant-based protein that can fulfill the lifestyle demand of the Millennial (Gen Me) generation who possess high purchasing power.

As such, NRF is the first listed firm in Thailand whose business is the production of products from "plant-based food for the future"and therefore, has received great response from both fund managers and individual investors during the IPO period. This is also due to the Company's solid business foundation and future growth opportunities.

Released by Public Relations Dept., MT Multimedia Co., Ltd. for NR Instant Produce Plc.

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