Pan Pa­cific stitches up ten­der for largest stake in Vi­naseed

Viet Nam News - - Markets -

HAØ NOÄI — Pan Pa­cific Cor­po­ra­tion ( PAN) an­nounced it has be­come Vieät Nam Na­tional Seed Cor­po­ra­tion’s (NSC) big­gest share­holder af­ter com­plet­ing the ten­der of­fer for its shares.

Ac­cord­ing to its fil­ing on the HCM City Stock Ex­change yes­ter­day, Pan Pa­cific has bought 4.63 mil­lion shares of Vi­naseed, lower than the to­tal 6.23 mil­lion shares it reg­is­tered while buy­ing.

PAN’s to­tal hold­ings in the seed firm in­creased from 2.47 mil­lion shares to nearly 8.14 mil­lion shares, equiv­a­lent to 53.2 per cent of the firm ’ s stakes that makes NSC a PAN sub­sidiary.

The com­pany could spend over VNÑ352 bil­lion ( US$ 17 mil­lion) to own NSC shares as in March, PAN of­fered to buy their shares at a price of VNÑ76,100 (US$3.61) per share from May 30 to July 15.

Sell­ers in­cluded Saøi Goøn Se­cu­ri­ties Inc ( SSI) who sold out all its hold­ings of over 2.42 mil­lion shares in July.

NSC shares fell 0.7 per cent to close yes­ter­day ’ s ses­sion at VNÑ74,500 ($3.53) a share while PAN shares tum­bled 3.1 per cent to end at VNÑ47,500 ($2.25) each.

The ac­qui­si­tion of Vi­naseed has shown PAN’s in­vest­ment strat­egy to ex­pand busi­ness in the agri­cul­tural sec­tor in which Vi­naseed is a lead­ing com­pany in the field of plant va­ri­eties.

NSC is a sta­ble per­former with prof­its ris­ing steadily from 2009 to 2013. It es­ti­mates a profit of VNÑ59 bil­lion ($3 mil­lion) in the first half of this year, equiv­a­lent to 51 per cent of its yearly profit tar­get and a rise of 9 per cent against the same pe­riod last year.

Apart from Vi­naseed, Pan Pa­cific owns 62.4 per cent stake in Ben Tre Forestry and Aquaprod­uct Im­port and Ex­port Co (ABT), and 23 per cent in Long An Food Pro­cess­ing Ex­port Co (LAF).

PAN is op­er­at­ing in ad­min­is­tra­tive and sup­port ser­vices with 10 busi­ness lines, in­clud­ing agri­cul­tural and seafood pro­duc­tion, home care ser­vices and in­dus­trial solid and liq­uids apart from gas waste treat­ment ser­vices and high-rise build­ing and apart­ment man­age­ment ser­vices.

Pan Pa­cific in­curred losses of more than VNÑ2 bil­lion ($95,000) last year and is un­der warn­ing sta­tus by the HCM Stock Ex­change. Its first- half net profit is pro­jected at VNÑ22.5 bil­lion ($1 mil­lion), six times the same pe­riod last year. —

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