Vinafood 1 massive divestment wave

March 05, 2015 | 09:43

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According to a company recent report, Vietnam Northern Food Corporation (Vinafood 1) will conduct an auction for its divestment of Hanoi-Nam Dinh Beer Joint Stock Company (JSC), Southern Salt Group (Sosal Group) and Northeast Food JSC in March.

Notably, Vinafood 1 will sell 86,940 shares at Hanoi- Nam Dinh Beer SJC for the initial bid price of VND11,460 ($0.54) per share. This company has total chartered capital of VND20 billion ($936,880) and specialises in producing beer, alcohol and other beverages. Apart from these, it expanded its operation to food processing, restaurant management and tourism.

Vinafood 1 divestment will also include selling 177,845 Sosal Group shares for a starting price of VND11,100 ($0.52) per share. Sosal Group’s chartered capital is VND500 billion ($26 million) and its main business profile involves producing and trading salt and salt-based finished products.

On March 12, the company will divest Northeast Food JSC by auctioning more than 1.3 million shares.

In February, Vinafood 1 carried on divesting at its other subsidiaries such as Ha Son Binh Food JSC, Song Hong Food JSC, Hai Duong Vinafood 1 JSC and Nam Dinh Food JSC.

Vinafood 1 is one of Vietnamese leading companies in purchasing, processing and trading food, agricultural products; agricultural materials, fertilizer and finished products for animal feed.

Apart from the above, the company is keen on expanding its profile to processing and trading rice, salt, confectionery.

In 2014, the company acquired a total revenue of VND9.8 trillion ($459 million) with a total pre-tax profit of VND233 billion ($10.9 million) and an export turnover of $151 million.

By By Kim Oanh

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