The Hanoitimes - Cadivi Dong Nai has registered to purchase 2 million shares of Hanoi Plastics, lifting its shareholding from 25% to over 55%.
The transaction period is scheduled from June 12 to July 11, informed the Hanoi Stock Exchange.
Cadivi Dong Nai is currently the largest shareholder at Hanoi Plastics, owning 1.62 million shares or 25% of charter capital. The other three major shareholders of Hanoi Plastics include MB Capital with 8.34% stakes, IB Securities with 8.29% and Red Capital with 5.71%.
Hanoi Plastics is currently a supplier for companies such as Honda, Ford, Piaggio, American Standard, Hashimoto, among others, according to the company's profile.
In addition to processing various thermoplastic, Hanoi Plastics has supplied products from thermosetting such as phenolic and bakelite on the modern injection molding machines to many manufactures.
At the end of 2007, Hanoi Plastics put over 1.12 million shares on offer in its initial public offering (IPO) with a reference price of VND10,300 (US$0.45) apiece. Around 834,800 shares were sold at an average price of VND27,958 (US$1.22).
The plastic company made its debut on the Unlisted Public Company Market (UPCoM) on September 8, 2017, trading over 6.5 million shares at a reference price of VND66,000 (US$2.88) apiece. Hanoi Plastics was valued at VND429 billion (US$18.76 million) during that period.
In 2017, Hanoi Plastics posted revenue of US$850 billion (US$37.1 million) and after-tax profit of VND40 billion (US$1.75 million).