Economy
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| Vinataba has registered to sell 51 per cent of Hải Hà Confectionery’s stakes after the sweet manufactuer’s shares hit the all time high. — Photo haihaco.com.vn |
Viet Nam News
HÀ NỘI — State-owned Vietnam National Tobacco Corporation (Vinataba) has registered to offload 8.4 million shares, or 51 per cent stake, of Hải Hà Confectionery after its share price hit an all-time high.
The transaction is expected to take place between March 17 and April 14 through order matching on the Hà Nội Stock Exchange.
Foreign investors will be allowed to purchase the shares.
Shares of Hải Hà Confectionery Joint Stock Company (HHC) are trading at a record high of VNĐ40,000 (US$1.75) a piece, up 72 per cent over its debut price (adjusted price) in 2007 and 97 per cent higher compared to a year ago.
At this rate, Vinataba could collect around VNĐ335 billion from the divestment.
Founded in 1960, HHC has a charter capital of VNĐ327 billion and is one of the largest confectionery manufacturers in Việt Nam, with a production capacity of 20,000 tonnes of products per year.
Vinataba is the biggest stakeholder with 51 per cent of the total shares. Another 15 institutions hold 8.26 per cent of its capital, of which Mekong Housing Bank Securities Co owns 6.61 per cent. Foreign ownership is 2.8 per cent.
HHC reported a total revenue of around VNĐ855 billion and pre-tax profit of VNĐ42 billion in 2016, which is a year-on-year increase of 8 per cent in revenue and 23 per cent in pre-tax profit. The export of its confectionery products was estimated at $3 million last year.
The company paid a total cash dividend of 15 per cent of its undistributed profits in December 2016 and February 2017. — VNS
