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T&T Group to buy stake in Vegetexco

Update: August, 12/2015 - 08:07

Vegetexco will hold its initial public offering (IPO) on September 4, selling 27,67 million shares with an opening price of VND10,000 per share. — Photo enternews

HA NOI (VNS) — The multi-sector T&T Group plans to buy 35 per cent of shares of Viet Nam National Vegetable, Fruit and Agricultural Product Corporation Ltd (Vegetexco), making it one of the strategic investors of the company.

T&T Group's other strategic investors are Sai Gon-Ha Noi Insurance Corporation (BSH) and Viet Nam Handicraft and Art Articles Export – Import JSC (Artexport), with a 15 per cent and 10 per cent stake in Vegetexco, respectively.

After equitisation, the company's charter capital is expected to be VND713 billion ($32.9 million), equal to 71.3 million shares. Of that amount, 42.78 million shares will be sold to strategic investors, and 850,200 shares will be allocated to the company's workers.

Vegetexco will hold its initial public offering (IPO) on September 4, selling 27,67 million shares with an opening price of VND10,000 per share. The volume of shares is equal to 38.8 per cent of the company's charter capital.

Established in 2003, Vegetexco operates mainly in the agricultural field. Its profit for the first six months of the year was VND19.6 billion ($904,476).

T&T Group was established in 1993. It operates in the fields of finance, industry, minerals, real estate and exports. It has charter capital of VND3 trillion ($138.4 million). — VNS

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