Pan Group divests sanitary service arm to Nihon Housing
Pan Group divests sanitary service arm to Nihon Housing
Pan Group JSC, formerly known as Pan Pacific, has announced that it will sell stakes in its wholly-owned Pan Services to Tokyo-based Nihon Housing Co Ltd.
Pan Services includes two member companies, namely Pan Pacific Services Company Ltd. and Pan Pacific Company Ltd, and is currently operating as a cleaning service provider that accounts for 40 per cent of the local market share with an over 5,000 strong employee base.
The company caters to office spaces and healthcare facilities, with customers ranging from the Tan Son Nhat International Airport through the Bitexco Tower to shopping malls such as the Diamond Plaza in Ho Chi Minh City
In the first half of this year Pan Services brought a VND13.1 billion ($584,800) profit for the group.
Tokyo Stock Exchange-listed Nihon Housing is deeply engaged in real estate management, providing condominium and building management services.
Nihon Housing announced the two steps of its acquisition as follows: Firstly, the company will acquire 80 per cent of Pan Services’ stakes in November. The other 20 per cent will be acquired within three years after the completion of the first step. The overall transaction value has not yet been disclosed.
The parent Pan Group is an established agro-business and food firm holding 42 to almost 100 per cent stakes in VinaSeed, Southern Seed Company, Aquatex Ben Tre, confectionery firm Bibica, Long An Food Processing Export JSC, and Pan Food.
Pan Group has also announced plans to set up a retail subsidiary. The divestment is said to be in line with its intention of focusing on core food businesses.
