Masan MEATLife JSC (MML) – a subsidiary of Masan Group JSC (HSX: MSN) – announced the completion of acquiring 51 per cent of 3F VIET JSC – a leading domestic player in poultry meat platform through a primary injection of VND613 billion ($26.65 million).
|Masan MEATLife acquired a majority stakeholding in 3F VIET to make a foray into poultry meat |
MML is of the view poultry is the second-most important source of animal protein in Vietnamese meals. Constraints in this segment are similar to pork: sub-par productivity, quality, and lack of breakthrough innovative meat products.
Established in 2014, 3F VIET has emerged as one of the leading domestic players with a vision to transform the poultry market with chilled packaged and processed chicken meat products. The 3F VIET platform spans across the value chain, from breeders, hatcheries, and meat farms to large-scale food processing and packaging facilities. All adhere to strict environmental standards in food hygiene and safety.
The company’s products and processing system have been awarded with reputable quality certificates such as HACCP, ISO 22000 and especially the FSSC 22000 by the Foundation FSSC 22000 headquartered in Holland. With an efficient operating model, 3F VIET aims to generate VND1 trillion ($43.5 million) in revenue with break-even EBITDA for the financial year 2020.
Despite starting from different starting points, 3F VIET and MML share the same mission of offering consumers fresh, delicious, and nutritious meat products that ensure best-in-class safety and hygiene standards. The primary injection of VND613 billion ($26.65 million) will be used by 3F to expand its business and build a poultry power brand. Regulatory approvals required for the transaction have been achieved.
“Entering the poultry meat market through the investment into 3F VIET is a part of Masan MEATLife’s vision to transform into a pure FMCG company. With the completion of this strategic milestone, we expect to bring breakthrough value to consumers in a much more scalable fashion and develop power brands. Our mission is to supply fresh, safe, affordable, and traceable meat products to each and every Vietnamese consumer,” said Masan MEATLife CEO Pham Trung Lam.
"In the past six years, 3F VIET’s products have been well received by consumers. The 3F VIET team is confident that we are ready for a new stage of development. We believe that with the partnership, synergies and growth capital provided by Masan, particularly the group’s track or record of building power brands and its nationwide distribution network including modern trade channels such as VinMart and VinMart+ chains, 3F VIET will deliver on its mission to provide fresh and delicious poultry products to a majority of Vietnamese consumers in the very near future," said 3F VIET president Nguyen Quoc Trung.
By Thanh Van