Nawaplastic still hungry for Binh Minh Plastic shares

June 17, 2018 | 10:42

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Owning a dominant stake in Binh Minh Plastic (BMP) did not quench Nawaplastic Industry Co., Ltd. (Nawaplastic)’s thirst for BMP shares.

nawaplastic still hungry for binh minh plastic shares

Nawaplastic is still looking to increase its holding in Binh Minh Plastic

Most recently, Nawaplastic registered to buy an additional 1.17 million BMP shares to increase its holding to 44.525 million shares, equalling 54.39 per cent of the charter capital.

The transaction is expected to occur between June18 and July16.

The registered share volume is the remaining part of the 2.86 million shares that Nawaplastic failed to buy during previous transactions.

Notably, Nawaplastic registered to buy 2.86 million BMP shares during transactions on May 14-June 12, however, the Thai investor ended up buying 1.69 million of the registered shares as BMP did not match Nawaplastic’s target price.

BMP manufactures and trades civil and industrial products made of plastic and rubber. The company also designs, manufactures, and trades in plastic moulds for the casting industry; produces and trades machinery, materials, and sanitation equipment for the construction industry; provides interior decoration and water supply and drainage services; and offers appraisal, among others.

According to its financial statement published at the annual shareholders’ meeting on April 20, in the first quarter, the firm reported VND663 billion ($29.06 million) in revenue and VND105 billion ($4.6 million) in pre-tax profit, up 80 and 85 per cent on-year.

BMP expected that in the first half of this year, it will acquire VND1.86 trillion ($51.5 million) in revenue and VND275 billion ($12.05 million) in after-tax profit, equalling 43 and 44 per cent of the whole-year targets.

By Kim Oanh

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