A Japanese firm has acquired a 15 percent stake in Tien Phong Plastic Joint Stock Company (NTP), according to Tran Ba Phuc, president of the NTP's management board.
The announcement has come after Nawaplastic Industries (Saraburi) Co., Ltd, a Thai plastic manufacturer, declared it would divest from its stake in NTP on October 12. Saraburi owns 21.3 million shares worth about VND1,520 billion (US$67 million), which amounts to a 23.84 per cent stake.
After holding its stake in NTP for five years, the Thai company earned a total of VND173 billion (roughly USS$7.626 million) dividend in cash from NTP.
Since Saraburi initiated its divestment, several transactions were made with NTP’s share price ranging from VND69,300 to VND71,800 (roughly US$3.055 to US$3.165). Tran Ba Phuc and Nguyen Quoc Truong, the two leaders of NTP, have completed the purchasing of 410,000 shares.
An unnamed foreign investor purchased more than nine million shares worth VND666 billion (roughly US$29.36 million) which is the largest transaction in the divestment.
Tran Ba Phuc, president of NTP's management board said that the largest investor amongst the foreign enterprises newly investing in NTP is Japanese with 15 per cent stake.
On October 18, NTP’s shares were traded around VND73,300 (roughly US$3.23) per share, 10 per cent increase within just one year.
According to the Vietnam Securities Depository (VSD), NTP plans to hold an extraordinary meeting in order to discuss the raising of foreign investors’ ownership ratio in NTP to 100 per cent on November 30, 2017, as proposed by the State Capital Investment Corporation (SCIC), who holds 31.7 per cent stake in NTP.
Without the approval of 65 per cent of shareholders, foreign investors can hold the maximum total of 49 per cent stake in NTP.
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