PAN Group to lift foreign ownership bar
PAN Group to lift foreign ownership bar
The State Securities Commission has approved PAN Group JSC's lifting of the limit of foreign ownership in the company's capital.
With the decision, PAN Group has become the second firm in the food industry after dairy firm Vinamilk to lift the bar for foreign investors.
Foreign investors now hold 46.15 per cent of PAN Group's chartered capital. The two largest shareholders are Singapore-based investment fund Tael Two Partners Ltd with 21 per cent and Finland-based Mutual Fund Elite with 9.52 per cent.
Two other able shareholders of PAN Group are Singaporean sovereign fund GIC with nearly 5 per cent and the World Bank's International Finance Corporation (IFC) with more than 4.8 per cent.
In the first half of the year, PAN recorded revenue of VND1.33 trillion (US$59.37 million) and pre-tax profit of VND225.6 billion, a year-on-year increase of 19.2 per cent and 53 per cent, respectively.
The company has invested more than $150 million in the food and agriculture industry. PAN Group possesses six plant seed companies nationwide, such as Vietnam National Seed JSC (Vinaseed), and is the largest shareholder of a famous food producer in the food industry.
