Anco becomes strategic shareholder in Vissan

Company acquires over 11.3 million shares, or 14% of charter capital, at auction on March 24.

The Agriculture International Joint Stock Company (Anco) became a strategic shareholder in the Vietnam Meat Industries Limited Company (Vissan) after the latter’s auction on March 24.

Vissan sold over 11.3 million shares, equal to 14 per cent of its charter capital, at a starting price at auction of VND80,100 ($3.58) per share.

The Producing Animal Feeds JV Co. (Proconco) and CJ CheilJedang Company (CJ) joined Anco at the auction.

CJ offered to buy shares at VND120,600 ($5.4) per share, while Proconco offered VND125,000 ($5.59). Anco, though, went even higher, to VND126,000 ($5.64).

Vissan acquired VND1.427 trillion ($63.91 million) from the auction. Anco has three days from March 24 to make the payment.

Though Anco won the auction the Masan Group was also mentioned in reports, as in April last year it picked up 53 per cent of Proconco and 70 per cent of Anco after buying 99.99 per cent stocks of Sam Kim Co., which had these shareholdings.

Vissan possesses many advantages with a distribution network covering about 130,000 markets and more than 1,000 supermarkets and convenience stores.

by Minh Tuyet / vneconomictimes.com