SINGAPORE -- Thai Union Group stock rose Friday on news that the company will open a research and development center dedicated to the shrimp business.
Shares in the major purveyor of canned tuna gained 0.93% to close at 21.60 baht in Bangkok after reaching an intraday peak of 21.70 baht, the highest since July 2.
Local media reported before the market opening Friday that the Thai company plans a 500 million baht ($14.2 million) R&D center to study ways to shorten shrimp farming time and ensure stable catches. The shrimp business generates some 30% of Thai Union's sales, so the news raised hopes for earnings growth.
Shares also benefited from separate news after Thursday's market close that the company will consider shrimp-related acquisitions and investments in Indonesia and elsewhere.