Vietnam's agriculture company PAN Group has completed the sale of 13.4 million shares or a 10% stake to Japanese trading company Sojitz Corporation through private placement, making the latter a major shareholder of PAN Group, local media reported.
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The capital inflow is expected to help Pan Group boost M&A activities in the agricultural and food sectors.
Nguyen Duy Hung, chairman of Pan Group, mentioned the strategic deal with Sojitz in April, which would enable the group to have necessary fund to develop hi-tech products.
Under the private placement plan approved by the Vietnamese group's board of directors in early September, the firm would offer a maximum of 14.86 million shares at a price of at least VND55,000 (US$2.36) apiece.
PAN Group set 2018 revenue and after-tax profit at VND8.76 trillion (US$375.5 million) and VND538 billion (US$23.06 million), respectively.
Established in 1998, PAN Group is one of the leading agriculture companies in Vietnam with total assets of VND7.6 trillion ($327 million) as of June 31, 2018. Singapore's GIC, The Asian Entrepreneur Legacy (TAEL) Partners, PYN, NDH Invest, SSI, CSC Vietnam are the major shareholders of the agriculture firm.
In July, Sojitz reportedly spend US$91.2 million acquiring 95.4% stake of Saigon Paper Corporation, Vietnam's largest maker of tissue paper.
