Pan Food announces bid for Bibica
Pan Food announces bid for Bibica
The Pan Food Joint Stock Company, a subsidiary of the Pan Pacific Corporation has officially made a bid for more than 4.6 million shares of confectionery maker Bibica.
Pan Food's bid for the shares, which would account for a 29.87 per cent stake, will be valid from April 3 to May 8.
Pan Food has offered to buy each share for VND56,800 (US$2.65) or VND261 billion ($12.2 million) for all the shares.
On the HCM Stock Exchange, each BBC share closed at VND57,500 ($2.72) on April 2.
Currently, Pan Food owns a 21.13 per cent stake or 3.26 million shares in BBC. If the sale is confirmed, it will hold as much as a 51 per cent of the stake and become the biggest shareholder in the confectionery maker.
In the meantime, the biggest shareholder of BBC is the Korean Lotte Confectionery, which owns 44.03 per cent of the stake or 6.79 million shares.
Apart from Pan Food, another subsidiary of Pan Pacific Corporation, Ben Tre Aquaproduct Import and Export Co (coded ABT), holds a 3.58 per cent stake or 553,000 shares in BBC.
The Duong Mat Troi Investment Company also owns a 12.31 per cent stake in BBC.
The Chairman of Duong Mat Troi Investment Company is the brother of Pan Pacific Chairman Nguyen Duy Hung.
According to local media, most BBC stakeholders have no objection to the offer.
BBC is one of the leading confectionery makers in Viet Nam, with popular brands including Hura, Choco Bella, Orienko, Zoo and, OneTwoThree.
Last year, it reported sales of almost VND1.13 trillion ($52.8 million), an increase of 7 per cent over the previous year. Its net profit jumped 27 per cent to touch VND57.4 billion ($2.7 million).
