PAN subsidiary acquires Southern Seed Corp

Visual from company website

National Seed JSC, a subsidiary of Pan Pacific Corp, will be purchasing an additional 3.2 million shares of Southern Seed Corporation, equivalent to 21.4 per cent of the company’s charter capital.

After the purchase, National Seed will hold a 61.4 per cent stake in Southern Seed and become its mother company. The move is part of Pan Pacific’s consolidation strategy in the food and agribusiness sector, in Vietnam.

Also read: IFC invests $6.5m in Vietnam’s Pan Pacific

Southern Seed has two other major shareholders, the State Capital Investment Corp with 18.6 per cent and Saigon Securities Inc with 19.8 per cent.

In November 2014, National Seed bought 2.29 million Southern Seed shares, reportedly, spending VND142 billion ($6.67 million).

For the 40 per cent initial stake acquisition in the targeted company, National Seed had to shell out  VND370 billion ($17.4 million). Meanwhile, earlier in the year, Pan Pacific took control of National Seed by acquiring nearly 55 per cent of the firm.

Pan Pacific, which has just received $ 6.5 million funding from World Bank Group company International Finance Corporation, to support its expansion in the agribusiness and food industry, already owned 62.4 per cent in Ben Tre Aquaproduct Import and Export and 23 per cent in Long An Food Processing.

At a shareholder meeting in May, 2014, Pan Pacific also revealed that it plans to push its merger and acquisition (M&A) plans.

SSC closed Friday flat at VND54,500 ($2.56), while NSC ended 1.9 per cent lower to VND76,000 ($3.57).

Related stories: Vietnam’s Masan buys stake in two competitors

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.