HCM CITY — Steelmakers Phuc Tien Trade Manufacture (PHT) and Tien Len Steel Corp (TLH) will merge, with TLH to issue additional shares to swap for PHT shares, PHT has announced.
The share swap ratio has not yet been decided, but PHT would select the underwriter for the merger deal by tomorrow. After the share swap, PHT would become a wholly-owned subsidiary of TLH.
TLH currently holds a 24.8-per-cent stake in PHT, and the two companies share the same chairman, Nguyen Manh Ha, who holds a 17.3-per-cent stake in PHT and a 16.2-per-cent stake in TLH.
May 3 has been set as the deadline to close the list of PHT shareholders. PHT will then hold an extraordinary shareholders meeting on May 26 to discuss and potentially approve the deal.-VNS