Merger between two stainless steel tanks manufacturers
By Minh An
October 13, 2017 | 08:05 AM GMT+7
The market is witnessing the merging and acquisition deal of the two largest stainless steel tanks manufacturers, a moved aimed at expanding distribution system, maximizing production capacity to develop the market shares.
Son Ha is the leading manufacturer of stainless steel in the north of Vietnam.
Son Ha International Corporation (Son Ha), a stainless steel tanks manufacturer, will merge with Toan My Manufacturing - Trading Corporation (Toan My), a manufacturer of household stainless steel products.
Son Ha mainly focuses on the markets in the north and centre of Vietnam while Toan My operates in the south. The merger between these two companies can help them make the most of the production capacity, distribution system and brand name of Toan My to develop the market in the south of Vietnam.
According to the plan proposed by Son Ha, each share of Toan My, whose charter capital is VND90 billion (US$3.97 million), will be converted into 2 shares of Son Ha (SHI).
For the past six months, SHI has been traded at the price of around VND8,000 (roughly US$0.353) per share on Hochiminh Stock Exchange (HOSE).
If the proposal is approved, Son Ha will issue a maximum of additional 18 million shares in order to convert all of Toan My stakes. According to Son Ha’s Q2 2017 financial report, the Corporation’s equity was VND612 billion (roughly US$27 million).
Under the plan for 2018, Toan My is expected to gain VND300 billion (roughly US$13.22 million) in revenue and the figure for Son Ha will be ten times higher.
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