Japan’s Kyoei Steel Acquires 20% Stake in Vietnamese Steel Maker

Minh Anh

19:21 13/11/2017

BizLIVE - Kyoei Steel's acquisition is part of its plan to expand its presence in Vietnam.

Japan’s Kyoei Steel Acquires 20% Stake in Vietnamese Steel Maker

Illustrative photo.

Japanese steel manufacturer Kyoei Steel Ltd has announced that the acquisition of 14.76 million shares, or a 20% stake, in Hochiminh Stock Exchange-listed steel maker Vietnam – Italy Steel Joint Stock Company (VIS).
Before the transaction, Kyoei Steel did not own any shares of VIS.
This is the shares that Thai Hung Trade JSC sold to foreign investors via put-through transactions on November 3 at 25,597 dong ($1.12) each. Thai Hung Trade booked 378 billion dong ($16.65 million) in proceeds from the divestment.
After the sale, Thai Hung Trade cut its holding in VIS to 45.66% from the previous 65.66%.
The unloading by Thai Hung Trade came in at surprise as the company continuously bought in shares of VIS after Song Da Corporation withdrew its stake from VIS in the second half of 2016. As of August 2017, Thai Hung Trade raised its holding in VIS to over 65%.
Established in 1947, Kyoei Steel posted revenue of 161 billion yen in 2016.
Kyoei Vietnam Steel Co., Ltd. (KSVC) is a joint venture between three Japanese companies namely Kyoei, Metal One Corporation and Marubeni – Itochu. KSVC has a registered capital of $48 million and its $218 million plant came into operation in March 2012 with an annual capacity of 300,000 tons.

MINH ANH

Từ khóa: Vietnam

BizLIVE Gặp gỡ