Japan firm buys control of distributor
HA NOI — Tokyo-based Sojitz Corp is planning to purchase an additional 25.99 per cent stake in Huong Thuy, one of Viet Nam's leading goods wholesalers, bringing its total stake in the company to 50 per cent.
According to Vietnam News Agency bureau in Tokyo, the buy-up is part of a plan for Sojitz to expand its business in Viet Nam's lucrative wholesale and retail markets.
The purchase will make Sojitz the largest shareholder in Huong Thuy while strengthening its presence in the region.
The value of the purchase was not disclosed.
The buy up will also enable Sojitz to use Huong Thuy's existing logistics, distribution and retail network, which reaches across Viet Nam with 40,000 outlets.
Headquartered in HCM City, Huong Thuy Corp is a food wholesaler and retailer of international brand dairy products, beverages, confectioneries and seasonings.
Sojitz, which has 140 domestic and 363 overseas subsidiaries, targets to increase Huong Thuy's annual revenue from 4 billion yen (US$48.8 million) in 2011 to 20 billion yen in 2016. — VNS