PAN Food to become principal shareholder of Bibica

March 14, 2015 | 08:00

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PAN Food Company, a subsidiary of Pan Pacific Corporation (PAN), has revealed its plans to buy 4.6 million shares of Bibica Corporation (BBC) at VND56.800 ($2.66) per share to overtake Lotte confectionery Co., Ltd as the company’s largest shareholder.

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Upon success, PAN Food will hold a 51 per cent stake in BBC, equalling 7.86 million shares.

PAN Food has been an official investor in BBC since January 2015 following a successful purchase of a 2.3 million share volume. The company currently owns approximately 3.26 million BBC shares.

Lotte is recently the main shareholder of BBC after its main counterpart Saigon Security Inc. (SSI) sold its entire holding.

In 2007, BBC sold a 30 per cent stake to Lotte. The stake has been gradually increasing over the years, to 43.56 per cent as of the end of 2013, signifying 6.3 million shares, as a result of SSI’s divestment.

In September 2014, Lotte bought 70,000 BBC shares, which increased its ownership to 44.03 per cent.

Having acquired more than 44 per cent of the overall share volume of BBC, Lotte now has the deciding say in BBC’s important corporate matters.

Besides PAN Food, Ben Tre Aquaproduct Import and Export JSC-another one of PAN’s subsidiaries- owns a 3.54 per cent stake in BBC, equalling 553,000 shares.

By By Kim Oanh

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