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Singapore company to buy 49% stake in Go Dang company

Update: December, 08/2012 - 09:01

HCM CITY (VNS)— Go Dang Seafood Co (AGD) would issue another 6 million shares to Singapore-based Panga Holdco Pte Ltd at VND63,000 a share (US$3.01), a move that will lift the Singapore company's holding in AGD to 48.89 per cent, the company announced.

Late last month, Panga Holdco also bought 2.8 million AGD shares from the company itself at the same price.

After the issue, its charter capital will increase from VND120 billion to VND180 billion ($8.6 million). However, the amount of outstanding shares on the market is less than 8 per cent of its charter capital. Chairman Nguyen Van Dao and another major shareholder Le Son Tung together hold 43.15 per cent.

Earlier in October, the company decided to cancel its listing on the HCM City Stock Exchange. Before proceeding with the cancellation, AGD plans to buy back the shares of minority shareholders at VND50,000 ($2.39) a share. AGD shares are being traded at around VND60,000 each.-VNS

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