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PAN finalises Japanese deal

发布日期:[2024-03-29]     点击率:

PAN finalises Japanese deal

If the deal is executed successfully, Sojitz will become a major shareholder and have a strategic partnership with PAN. — Photo vietnamfinance.vn

HÀ NỘI – Vietnamese agriculture and food company PAN Group JSC has finalised its private placement plan with Japanese Sojitz Corporation, which is projected to take place between now and the end of the year.  

PAN Group will issue a maximum of  一 四. 八 六 million shares, equivalent to  一 一 per cent of its stake, to Sojitz Corporation, or a directly or indirectly wholly-owned subsidiary of the Japanese company.

The offering price will be no less than VNĐ 五 五,000 (US$ 二. 三 五) per share, a discount of  四. 四 per cent to Monday’s close.

In its final plan, the company said it will authorise chairman of the board of directors to decide the offering price based on negotiations with the investor, taking account of investor’s ability to support the business and investment plans, and market conditions at the implementation date.

The shares, to be issued within this year, will not be transferable for  一 二 months.

If the deal is executed successfully, Sojitz will become a major shareholder and have a strategic partnership with PAN.

PAN Group has increased its ownership limit for foreign investors to  一00 per cent. Its current major shareholders include Saigon Securities Inc ( 二0 per cent), NDH Invest ( 一 一 per cent), The Asian Entrepreneur Legacy (TAEL) Partners ( 二0 per cent), Mutual Fund Elite ( 九. 七 九 per cent) and CSC Vietnam ( 五. 二 per cent).

Founded in  一 九 九 八 with charter capital of just VNĐ 二 五0 million, PAN Group has been continuously expanding in recent years though mergers and acquisitions (M A). Its current businesses covers seed and cultivation, confectionery and FMCG packaged food products, cashew nut and aquatic products processing for export, striving to develop an integrated value chain  三F (Farm-Food-Family).

PAN Group is expected to raise VNĐ 八 一 七. 四 billion ($ 三 五 million) and lift its charter capital from VNĐ 一. 二 trillion to VNĐ 一. 三 五 trillion after the private issue.

The share issue will help the company find more strategic shareholders to assist its development strategy, as well as acquire more capital to increase its stake in subsidiaries and finance its M A projects in the field of agriculture, raw materials and food nutrition, packaged food and beverages.

At the annual shareholders’ meeting in April, PAN Group’s leaders said it was planning an M A deal this year but declined to disclose its target company.

Việt Nam is a major agricultural exporter of farm produces such as rice, coffee, cashew and pepper. With a population of more than  九 六 million and a fast-growing economy, consumption of food and related products is predicted to increase by  一0 per cent annually over the next five years.

On it’s website PAN describes Việt Nam as a ‘promising market’.

PAN finalises Japanese deal

The company’s profits has steadily increased since  二0 一 四, reaching nearly VNĐ 五0 三 billion in  二0 一 七, up  四 九. 五 per cent against  二0 一 六. Ending June this year, it recorded consolidated sales of VNĐ 三. 五 五 trillion and net profit of VNĐ 二0 四. 七 billion, up  一 三 六 per cent in revenues and  六 六 per cent in profit compared to the same period of last year.

Its share prices have climbed nearly  六0 per cent this year to around VNĐ 五 七, 五00 per share on the Ho Chi Minh Stock Exchange.

Recently, the company approved the plan of issuing bonds worth maximum VNĐ 一. 一 四 trillion to investors, expected in this quarter. – VNS