Thanh Thanh Cong Investment acquires 35 million SBT shares, lifting ownership to 32 per cent
Thanh Thanh Cong Investment acquires 35 million SBT shares, lifting ownership to 32 per cent
Thanh Thanh Cong Investment JSC has purchased 35 million shares in Thanh Thanh Cong - Bien Hoa JSC (SBT), lifting its ownership in the sugar manufacturer to 158.5 million shares, an equivalent of 32 per cent of SBT’s capital.
The number fell short of its total registered purchase of 45 million shares.
Shares in SBT were trading at around VND20,000-22,000 (US$0.90) on the Ho Chi Minh Stock Exchange during the purchasing time from November 16 to December 14, putting the deal value at more than VND750 billion ($32 million).
Earlier in November, chairwoman of Thanh Thanh Cong Investment JSC Dang Huynh Uc My completed the purchase of 20 million shares of SBT, raising her stake to 10.6 per cent. The two shareholders have a combined stake of 42.6 per cent of the outstanding shares of SBT.
In October, the company approved a plan to allow My and her affiliates to increase their holdings to a maximum of 55 per cent without having to conduct a public tender.
In an opposite movement, Ben Tre Import Export JSC has continued offloading SBT shares since it was merged with the sugar company early this year. Its holding in SBT decreased from more than 93 million shares in February to 20 million shares in late November, equivalent to 4.08 per cent of SBT’s capital.
SBT will pay a cash dividend at a rate of 4 per cent on January 25 next year. The deadline for existing shareholders to register to participate in this payout is December 25.
