Pan Pacific share sale fetches maintenance firm $30 million

Mar 22nd at 14:02

22-03-2014 14:02:19+07:00

Pan Pacific JSC (PAN) completed its individual stocks offering of more than 20 million shares (PAN-HOSE) on March 18.

After selling the shares at a price of VND32,000, or US$1.5, each, which was an increase of 33.33 per cent over the price of shares offered in the first quarter last year, PAN got VND650 billion, or US$30.9 million.

Among the major shareholders this time are GIC Private Limited, the National Investment Fund of Singapore, which bought 1.9 million shares and owns 4.7 per cent of the stake; the Singapore-based TAEL Partners, a principal investment firm specializing in growth-oriented investments, which has bought 8.07 million shares and owns 20 per cent stake; the Finland-based Elite Mutual Fund which bought 2.087 million shares, raising its stake to 9.98 per cent, NDH Viet Nam Limited Company which purchased 1.23 million shares, equivalent to its ownership of 13.10 per cent; CSC Viet Nam Company which purchased 680,000 shares, owns 4.32 per cent and SSI Asset Management (SSIAM) which bought 4.06 million shares, raising its ownership to 11.65 per cent.

PAN, therefore, is the affiliate of Sai Gon Securities Inc. due to SSI group owning over 20 per cent of PAN.

Pan Pacific CEO Michael Louis Rosen said after the sale that the corporation had increased its charter capital to VND403.6 billion, or $19.2 million.

The CEO added that the corporation would continue to follow its strategy of mergers and acquisitions at the companies that are working effectively in fisheries, agriculture and foodstuff.

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