Thai plant-based food and beverage producer V Foods has announced its intention to list on the Market for Alternative Investment (MAI) to raise funds for expansion. Owned by Apirak Kosayodhin, the former Bangkok governor, V Foods transformed into a fully plant-based operation earlier this year to meet rising demand in Thailand.
In June this year, V Foods signed a memorandum of understanding with seafood giant Thai Union Group to develop and expand their plant-based food businesses. Under the partnership deal, the two companies will use Thai Union’s facilities to produce V Foods’ range with expansion into global markets high on the agenda. V Foods holds a similar deal with More Food Innotech, producer and distributor of the More Meat plant-based brand.
The MAI is a stock exchange of Thailand that was established by the Stock Exchange of Thailand (SET) in 1998 as an alternative stock market for small and medium-sized enterprises. V Foods aims to use the funding generated from its listing for further growth and expansion.
“We’ve shifted to the plant-based market because it is a global megatrend. Although Thailand’s plant-based market remains relatively small now, it still has potential to grow,” Apirak told the Bangkok Post.