A production line of Tan Hiep Phat. (Photo: thanhtra.com.vn)
Privately-run Tan Hiep Phat Beverage Group is planning to sell a minority stake to a foreign investor in a deal that could value the company at $2 billion, The Wall Street Journal cited people familiar with the issue as saying.
The proceeds will be used to fund expansion plans for the business, a source said.
A person familiar with the situation said that Tan Hiep Phat’s share sale plan is still at an exploratory stage and a deal may or may not happen.
Founded in 1994, Binh Duong
-headquartered Tan Hiep Phat, among the largest privately-owned consumer-goods companies in Vietnam, operates four factories in Vietnam.
At the end of last year, the firm was hit by a boycott on the Internet after it won a lawsuit that sent one of its consumers to prison.
The consumer in the southern province of Tien Giang was sentenced to seven years in jail for extorting money from the drink maker with a bottle of Number 1 that had a fly inside.