Thai cement giant to buy seventh Vietnamese packaging firm
By Minh Son December 17, 2020 | 09:01 am GMT+7
Workers operate a packaging manufacturing chain in a factory of Bien Hoa Packaging Jsc. Photo courtesy of the company.
A subsidiary of Thailand’s SCG Group has registered to buy a 94.1 percent stake in Vietnam’s Bien Hoa Packaging Jsc.
The deal, if successful, will increase the number of Vietnamese packaging companies owned by Siam Cement Group Public Company Limited (SCG Group) to seven.
TCG Solutions, a subsidiary of the Thai cement and building material giant, is set to purchase 12 million shares of Bien Hoa Packaging, which is based in the southern province of Dong Nai, later this month.
Tuesday, December 15, 2020, 15:14 GMT+7
This undated supplied photo is pictured inside a factory of Bien Hoa Packaging in Vietnam.
TCG Solutions Pte, a subsidiary of Thailand s conglomerate Siam Cement Group (SCG), has announced its plan to purchase over 12 million shares, or a 94.11 percent stake, of Bien Hoa Packaging (Sovi).
The transaction is set to take place from December 16 to 31.
Given the current market price of VND81,500 (US$3.5) per Sovi share, TCG is expected to spend more than VND978 billion (US$42.23 million) on the deal.
Earlier, Sovi paved the way for the acqusition by raising its foreign ownership limit to 100 percent in July.