Masan’s subsidiary buys 14 per cent of Vissan
Masan’s subsidiary buys 14 per cent of Vissan
Agro Nutrition Company JSC (Anco), a subsidiary of Masan Group, has successfully bought 14 per cent of Vietnam’s leading meat processor Vissan for VND126,000 ($5.64) a share.
According to the result announced this morning, Anco bought all the shares that Vissan put up for sales. Contenders were South Korean company CheilJedang, which bid at VND120,600 ($5.39) and Vietnamese-French feed production joint venture Proconco, which bid at VND125,000 ($5.59).
Consequently, after Vissan’s IPO, strategic investor CheilJedang, a subsidiary of conglomerate CJ Group, holds 4 per cent. Masan, through subsidiaries and partners, holds 24 per cent. On April 29, Vissan expects to hold its first shareholders’ meeting and in June this year it will start operating in the joint stock model.
Vissan, a member of Saigon Trading Group (SATRA), is planning to build an $80 million food processing plant in the southern province of Long An. The 10-hectare project is expected to be completed in 2020. It is going to use the meat from one million pigs per year. When the company’s Ho Chi Minh City plant relocates there, Vissan will give back the land it currently occupies in the city to SATRA.
