Vietnam’s agriculture and food-focused firm PAN Group is seeking to acquire a 49.93 per cent stake in confectionery company Bibica JSC, according to a regulatory filing.
PAN Group plans to acquire 7.7 million Bibica shares at a price of 68,500 dong ($2.95) apiece. At this price, it is set to spend 530 billion dong ($22.7 million) to buy out other Bibica shareholders, including Korean conglomerate Lotte and individual investors.
PAN Food, a subsidiary of PAN Group, is currently the largest Bibica shareholder with a 50.07 per cent stake.
“After the acquisition, PAN Group will focus on technology investment and brand marketing to help Bibica become the leading confectionery company in Vietnam and the region,” a PAN Group spokeperson told DealStreetAsia.
Bibica posted 2018 revenue of 1.42 trillion dong and after-tax profit of nearly 110 billion dong. The company is targeting revenue of 1.6 trillion dong this year.
Established in 1998, PAN Group is one of the leading agriculture companies in Vietnam with total assets of 9.4 trillion dong ($406 million) as of December 31, 2018.
Singapore’s GIC, TAEL Partners, PYN, NDH Invest, SSI and CSC Vietnam are the major shareholders of the agriculture firm.