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VietNamNews

Pharma buy opens path into Myanmar

Update: September, 19/2014 - 08:27

By the end of August, Hau Giang Pharma had achieved 60 per cent of its VND3.88 trillion ($183 million) revenue target.— Photo vietstock.vn

HA NOI (VNS) — Hau Giang Pharmaceutical (DHG) will begin its expansion into Myanmar by acquiring a majority stake in ASV Pharma, which partners with a Myanmar firm building drug factories.

Hau Giang Pharma plans to acquire 72.86 per cent of ASV Pharma, which will help the company enter the Myanmar market and increase exports. ASV Pharma currently owns a US$23 million investment project in the country.

According to the Association of Vietnamese Investors in Myanmar, medicines and medical equipment were one of the four largest export items to the country.

A representative from Hau Giang Pharma told the financial information website vietstock.vn that the company was still negotiating with its partner. It would announce the results of market research in the fourth quarter.

The company is pushing to improve the sale of over-the-counter drugs to cover the declining revenue of prescription drugs due to the State's administrative policies.

It also plans to invest more than VND52 billion ($2.4 million) in building warehouses in Ha Noi, Nha Trang and Da Nang.

By the end of August, Hau Giang Pharma had achieved 60 per cent of its VND3.88 trillion ($183 million) revenue target.

It closed yesterday's trading at VND90,500 ($4.3) per share, sliding 1.5 per cent. — VNS


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