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Ninh Hoa Sugar gets merger backing

Update: June, 17/2014 - 09:26

HA NOI (VNS)  — Shareholders of Ninh Hoa Sugar (NHS), last week approved the merger with Bien Hoa Sugar (BHS) and fixed a swap ratio of 1:1.

Accordingly, Ninh Hoa Sugar will now be fully owned by Bien Hoa Sugar.

The merger aimed to enhance the operational efficiency of both companies while improving the trading liquidity of their shares.

Last year, Ninh Hoa Sugar reported a turnover of US$45 million and after-tax profit of $4 million. The company has targeted earnings of VND1.107 trillion ($52.7 million) in turnover this year.

In the first quarter of this year, its turnover reached VND388 billion ($18.4 million), up 36 per cent over the same period last year.— VNS

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