Business
Japan's Taisho Group offers to buy extra 7.06% stake in DHG Pharmaceutical
The deal is expected to cost the Japanese pharmaceutical company VND1.1 trillion (US$47.68 million).
Japan-based Taisho Group has announced its intention to purchase another 7.06% stake of DHG Pharmaceutical JSC (DHG) in a public offer at a price of VND120,000 (US$5.20) apiece, 20% higher than the market price of VND99,900 (US$4.34) at the close on July 4, DHG said in a filing to the Ho Chi Minh City Stock Exchange (HOSE).
At such price, Taisho Group is expected to spend nearly VND1.1 trillion (US$47.68 million) in exchange for 9.2 million shares of Hau Giang Pharmaceutical.
Once the deal is completed, Taisho Group will increase its holding in the Vietnamese firm to 32% or over 41.83 million shares. The proposed time to realize this public offer is within 30 to 60 days after receiving the written approval from the State Securities Commission of Vietnam (SSC) on the public offer.
The Japanese group in early June spent VND85.5 billion (US$3.71 million) for 650,000 shares of DHG, raising its holding in the Vietnamese medicine producer to 24.94%.
Over the past month, DHG shares have lost 13% in value. However, since its listing, the company's share value increased a whooping of 459% to VND99,900 (US$4.34) per share at the close on July 4.
The shares then increased by 5.31% to VND105,200 (US$4.57) apiece at the close of July 5.
On July 4, DHG Pharmaceutical's foreign ownership limit was removed, as a result, the company adjusted its strategic targets for period 2018 - 2020 to a minimum increase of revenue at 13% and pre-tax profit of at least 7%.
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Once the deal is completed, Taisho Group will increase its holding in the Vietnamese firm to 32% or over 41.83 million shares. The proposed time to realize this public offer is within 30 to 60 days after receiving the written approval from the State Securities Commission of Vietnam (SSC) on the public offer.
The Japanese group in early June spent VND85.5 billion (US$3.71 million) for 650,000 shares of DHG, raising its holding in the Vietnamese medicine producer to 24.94%.
Over the past month, DHG shares have lost 13% in value. However, since its listing, the company's share value increased a whooping of 459% to VND99,900 (US$4.34) per share at the close on July 4.
The shares then increased by 5.31% to VND105,200 (US$4.57) apiece at the close of July 5.
On July 4, DHG Pharmaceutical's foreign ownership limit was removed, as a result, the company adjusted its strategic targets for period 2018 - 2020 to a minimum increase of revenue at 13% and pre-tax profit of at least 7%.
