Nawaplastic takes control of Binh Minh Plastic
Nawaplastic Industries, a subsidiary of Thailand`s Siam Cement Group (SCG), has managed to acquire nearly 1.7 million shares in Binh Minh Plastic, announced the former.
The transaction took place from May 14 to June 12 in the Ho Chi Minh City Stock Exchange (HoSE).
Illustration photo.
|
"The move is considered a major step in expanding the high value added products production base to drive growth in ASEAN," said Roongrote Rangsiyopash, President and CEO of SCG in the Group's quarterly Operating Results report.
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.
In 2017, Binh Minh Plastic's revenue stood at VND4 trillion (US$176 million), up 10% year-on-year while after-tax profit was only VND471 billion (US$20.7 million), down 25% compared to the previous year, stated the audited financial report.
For 2018, Binh Minh Plastic set revenue target 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.
14:43, 2024/11/18
Aircraft manufacturer Embraer seeks comprehensive aviation partnership with Vietnam
The Vietnamese leader urges the aircraft manufacturer to collaborate on technology transfer, airport construction and operation, research, and investment in Vietnam.
21:55, 2024/10/22
Better links with FDI firms to support Hanoi businesses
Hanoi will continue to focus on quality projects, especially with partners such as Japan, the United States, and Europe to boost technology transfer.
15:24, 2024/09/24
Vietnam calls for more US investment in innovation, hi-tech
The Vietnamese leader called on relevant agencies to resolve any challenges faced by investors and enhance the investment climate to encourage greater US investment in Vietnam.
14:13, 2024/09/23
Vietnamese leader urges Boeing to build production facility in Vietnam
Boeing is committed to continuing to support the development of Vietnam's aviation ecosystem, focusing on aviation infrastructure, human resources training, airport construction, and aircraft maintenance facilities.
14:38, 2024/09/17
Foreign capital pouring into Vietnam's real estate market
Experts are optimistic that the 2024 Land Law, once enacted, will help resolve legal bottlenecks and attract more FDI.
16:27, 2024/08/24
Vietnam news in brief - August 24
Read The Hanoi Times to stay up to date on developments in Vietnam.
- Growing number of FDI firms moving to Vietnam
- Vietnam Gov’t committed to facilitating Adani Group’s US$2-billion port project
- Vietnam Railway proposes US$87 million for Hanoi–Dong Dang railway upgrade
- Vietnam’s North-South high-speed railway to be designed for 350km/h
- Vietnamese gov’t urged to address impact of global minimum tax
- Samsung plans drastic investment increase in Vietnam over next three years