Thai Union Group has announced it will be forming a new health supplement joint venture, in partnership with Thai pharmaceutical giant Inter Pharma.
In a filing to the Stock Exchange of Thailand, Thai Union said it would be forming the new joint venture, Interpharma-ZEAvita Co, via its subsidiary Thai Union Ingredients Co.
The new business will be focused on the development, manufacturing and distribution of supplement products for human consumption, it said.
According to the notice, THB 20 million ($660,000) has so far been invested into the new business by both companies, at a par value of THB 10 per share. Thai Union Ingredients is understood to own 980,000 shares, equivalent to 49%, with Inter Pharma owning the remaining 51% majority stake.