Pan Group (PAN) withdraws all capital at two affiliates
Pan Group (PAN) withdraws all capital at two affiliates
Vietnamese agriculture and food company PAN Group JSC has sold all its capital contribution at PAN Pacific Company Limited and PAN Pacific Services Company Limited, the company announced in a statement published on its website.
The information of the buyer was not disclosed.
The capital contribution accounted for 20 per cent of the charter capital of PAN Pacific and 20 per cent of the charter capital of PAN Pacific Services.
Therefore, the two above bodies are no longer affiliate companies of the PAN Group.
According to the consolidated financial statement for the third quarter of 2018, PAN Group’s investment in these two affiliates was worth about VND19.5 billion (US$833.7 million).
In September, The PAN Group completed a private placement of 13.4 million shares with the price VND61,000 per share for its Japanese strategic partner Sojitz Group, earning VND817.4 billion.
The proceeds helped PAN Group have more financial resources to invest in M&A projects in the agricultural and food sectors.
At the extraordinary General Meeting of Shareholders (AGM) at the end of October, The PAN Group also approved the limitation of foreign ownership at 49 per cent.
Currently, foreign investors hold 45.19 per cent of the group’s stake, notably Tael Two Partners Ltd and PYN Elite Fund.
