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Kinh Do to pour nearly $25b into vegetable oil corporation
Kinh Do Confectionary Corporation plans to spend some VND530 billion (US$24.9 million) to buy a 27-per cent stake in the Viet Nam Vegetable Oil Industry Corporation (Vocarimex).
The scheduled purchase was detailed in a decree issued by the confectionary producer's managerial board on January 2.
Specifically, Kinh Do (KDC) will purchase 32.886 million shares of Vocarimex at a price of VND16,000 ($0.75) per share.
Kinh Do plans to complete the purchase within 30-60 days, in line with the timeframe permitted by the State Securities Commission. The transaction will be carried out by Rong Viet Security Company.
The successful transaction will bring Kinh Do's stake in Vocarimex to 51 per cent.
Once Kinh Do becomes Vocarimex's major shareholder, it will support the vegetable oil corporation by making changes to improve the efficiency of the corporation's operations over the long term. For instance, it will promote the expansion of its distribution network and develop new products.
Currently, Kinh Do has three representatives in Vocarimex's managerial board: Tran Kim Thanh, Tran Le Nguyen and Nguyen Thi Xuan Lieu. Thanh is the chairman of both companies.
In its initial public offering last July, Vocarimex sold 37.9 million shares at VND13.428 ($0.6) per share to five organisations and 42 individuals.
At present, the State holds 36 per cent of the organisation's charter capital, while the corporation's staff holds 0.88 per cent. Meanwhile, two strategic shareholders, Kinh Do and VPBank Securities, hold 24 and 8 per cent respectively.
The remaining 31.12 per cent stake belongs to other investors who bought shares in the corporation's initial public offering.
Data from Ban Viet Securities Company revealed that Vocarimex possesses 51 per cent of Tuong An Vegetable Oil JSC, 49 per cent of Nha Be Golden Hope Cooking Oil Company, 32 per cent of Cai Lan Vegetable Oil Company and 27 per cent of Tan Binh Vegetable Oil SJC.