Vietnam Digest: Masan MeatLife files for IPO; Becamex IDC to list on HOSE

Masan MeatLife, the meat distribution business of Masan Group, will list its shares this month with an expected market capitalisation of $1.1 billion. Meanwhile, property developer Becamex IDC will move its listing from UPCoM bourse to the Ho Chi Minh City Stock Exchange (HOSE).

Masan MeatLife to list shares at $1.1b valuation 

Masan Group, the Vietnamese conglomerate that has recently merged its consumer business with Vingroup’s retail units, will list its MeatLife subsidiary on the Unlisted Public Companies Market (UPCoM) at a $1.1-billion valuation.

Masan MeatLife, a distributor of meat products, will list more than 324 million shares at a reference unit price of 80,000 dong on December 9.

Masan MeatLife was rebranded from Masan Nutri-Science, which in 2015 reinforced its nutrition business by acquiring local companies Vietnam French Cattle Feed and Anco. Later in 2016, through these two acquired units, Masan Nutri-Science bought a 14 per cent stake in state-owned food firm Vissan as the latter had its IPO.

Masan MeatLife currently owns 10 animal feeds factories, an animal farm and a pork processing complex with a capacity of 140,000 tonnes per year. The company targets a 10 per cent market share of pork distribution by 2022, generating as much as $3 billion in revenue and $450 million in net profit.

Earlier this week, Masan Group and Vingroup announced a merger of their consumer and agriculture businesses to create Vietnam’s biggest consumer platform, which will include Vingroup’s 2,600 VinMart and VinMart+ stores across the country.

“The accession of VinCommerce and VinEco not only resonates and enhances the value of Masan’s core competencies, but also helps us quickly achieve our goal of becoming the leading domestic retail and consumption group, and extending our boundaries to the world,” said Truong Cong Thang, chairman Masan Consumer.

Becamex IDC moves shares to public bourse HOSE

Industrial park and township developer Becamex IDC will move its listing from UPCoM to the Ho Chi Minh City Stock Exchange (HOSE), home to Vietnam’s largest-cap companies.

Becamex IDC conducted its IPO in 2017, offering 23.6 per cent shares, but investors purchased only 6 per cent.

Since its listing in 2018, the company’s stock price has increased 13 per cent. Its current market capitalization stands at nearly $1.3 billion.

Becamex IDC recorded a 24 per cent year-on-year rise in its net profit in the first nine months of 2019, to 1.75 trillion dong, already surpassing the target for the entire year.

Becamex IDC is known as the local partner of private equity major Warburg Pincus in its $200-million logistics joint venture, BW Industrial JSC. The JV has 230 hectares of projects across the country and plans to add 170 hectares more to its portfolio.

Most recently, it has partnered with e-commerce and logistics firms Shopee and BEST Inc to provide warehouse space for the latter two.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.