Nawaplastic to increase shareholdings at Binh Minh Plastic
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 Binh Minh Plastic.
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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.
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.
The company set its revenue and production target at 6% growth rate comparing to 2017, with the after-tax profit to grow at 3%.
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