Binh Minh Plastic set US$26.3-million revenue target before potential take-over
Binh Minh Plastic set revenue target in 2018 at VND4.3 trillion (US$189 million), while pre-tax profit is estimated at VND600 billion (US$26.3 million), increasing 6% and 3% compared to 2017, respectively.
The plastic firm expected to allocate VND380 billion (US$16.7 million) for future investment, said the company's document in prepared for the annual general meeting.
Binh Minh Plastic remains cautious over business plan in 2018.
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Nawaplastic Industries, a subsidiary of Thailand`s Siam Cement Group (SCG) has registered to purchase an additional of 818,609 shares at Binh Minh Plastic, lifting its ownership to 50.89%.
Transaction period is expected to be scheduled from April 4 to May 3, informed the Ho Chi Minh Stock Exchange.
Nawaplastic currently is the largest stakeholder in the plastic company through its ownership of 49.98% shares. Consequently, by purchasing an additional of 818,609 shares, Nawaplastic will take its shareholdings to 41.66 million shares, equivalent to 50.89% of charter capital.
On March 19, the State Capital Investment Corporation (SCIC) has completed transferring 24.14 million Binh Minh Plastic shares to Nawaplastic. This were the whole share amount SCIC put on offer on March 9 with price of VND96,500 (US$4.24) apiece, for a return of VND2.3 trillion (US$101 million).
Established in 1977, Binh Minh Plastics has cemented its position as the country's leading manufacturer and trader of plastic pipes and fittings. The government last year removed the limit of foreign ownership in Binh Minh Plastics, which was previously capped at 49%.
Apart from Nawaplastic, its other investors include Franklin Templeton Investments that owns 10.78%. Nawaplastic had earlier divested its entire 24% stake in Tien Phong Plastic JSC, a rival of Binh Minh Plastic, for more than VND1.5 trillion (US$66 million). As of 2017, SCG has invested about US$121 million in Vietnam's plastic industry.
The Thai group also holds shares in a number of companies specializing in the production of household plastics, such as Viet-Thai Plastchem, TPC Vina Chemical and Plastic Corporation, and Minh Thai House Component.
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