Singapore-based GP Batteries International Limited has acquired 1.37 million shares or a 19% stake at Hanoi Battery Joint Stock Company, the owner of Hanoi’s acclaimed batteries under the brand Rabbit, according to a filing to Hanoi Stock Exchange (HNX).

Illustrative photo.

After concluding the deal, GP Batteries becomes Hanoi Battery’s largest shareholder with a 49% stake. 

On December 16, Vietnam National Chemical Group (Vinachem), representative of state capital at Hanoi Battery, held an auction to sell its entire 1.52 million shares or a 21% stake at the company with a starting price of VND29,700 (US$1.28) apiece.

However, no investors registered to purchase the whole share batch offered, with GP Batteries picking nearly 1.4 million shares.

GP Batteries became Hanoi Battery’s strategic investor in 2010 by purchasing a 30% stake.

Most of Hanoi Battery’s major contracts are signed with GP Batteries’ affiliates to export batteries to Brazil, India and Singapore, while the former’s board of directors estimated exports accounted for 30% of the company’s annual revenue, reported VnExpress.

In the domestic market, the Rabbit battery brand controls a 40% market share, mainly in the northern region. In 2019, Hanoi Battery targeted revenue of VND375 billion (US$16.17 million) and a profit of VND25 billion (US$1.07 million).