Kasikorn Bank (KBANK) and the Siam Commercial Bank (SCB) have agreed to sell their stake in Ajinomoto Thailand to its parent company Ajinomoto, a Japanese seasoning company.

Founded in 1960 and located in Bangkok, Ajinomoto Thailand manufactures and sells seasonings. It employs nearly 1,650 people.

The parent company will pay KBANK THB5.97bn ($190,070) and SCB THB1.19bn ($37,981) for a total consideration of THB7,167m ($228,012).

This acquisition will improve Ajinomoto’s return on equity (ROE) and earnings per share (EPS).

The company said that it will continue to focus on food and health issues, as well as strengthening its ability to generate cash flow and improving its capital efficiency to increase shareholder value. It also intends to transform its business structure so that it can sustain growth.

In November 2017, Ajinomoto North America acquired the US-based Cambrooke Therapeutics from Galen Partners and Seventure Partners for an undisclosed sum.

Cambrooke produces medical and specialised function foods for people with chronic health conditions. With this acquisition, the company gains access to Ajinomoto’s global nutrition and ingredient sciences expertise.

Ajinomoto’s technologies will allow Cambrooke to develop metabolic and ketogenic therapy products. It will also accelerate the development of better nutritional solutions for additional chronic conditions.