Japan’s Sojitz Corporation has acquired a 27.64% stake in Taseco Air Services JSC (Taseco Airs), becoming the second-largest shareholder in the Vietnamese airport services company following the exit of two foreign investment funds.
Sojitz acquired 14.927 million shares of HoSE-listed Taseco Airs on September 14, according to a regulatory filing. The acquisition gives Sojitz a 27.64% interest in Taseco Airs, making it the company’s second-largest shareholder behind parent Taseco Group, which owns 51%.
The shares were sold by PENM IV Germany GmbH & Co. KG and STIC Pan-Asia 4th Industry Growth Private Equity Fund, according to separate filings.
PENM IV sold its entire 9.527 million shares, representing a 17.64% stake, while STIC Pan-Asia divested all of its 5.4 million shares, equivalent to 10%.
The two funds sold a combined 14.927 million shares, or 27.64% of Taseco Airs, for about VND1.05 trillion ($40.5 million). Based on the transaction value, PENM IV’s stake was worth approximately VND672 billion ($25.8 million), while STIC’s holding was valued at around VND381 billion ($14.6 million).
Market data showed that about 14.93 million AST shares changed hands through negotiated transactions on September 14 for nearly VND1.053 trillion ($40.5 million), implying an average price of around VND70,500 per share.
Earlier this month, Taseco Airs shareholders approved the transfer of the stakes held by PENM IV and STIC to Sojitz and waived the requirement for the Japanese company to make a public tender offer.
PENM IV had been a shareholder in Taseco Airs since 2017, while STIC invested in the company in 2019.
Taseco Airs, established in 2005 and listed on the Ho Chi Minh Stock Exchange in 2018, operates non-aviation commercial services at airports in Vietnam. Its businesses include airport retail and food and beverage outlets, business lounges, advertising, duty-free retail, airline catering and other aviation-related services.
The company has expanded its operations across major airports including Noi Bai, Da Nang, Phu Bai, Cam Ranh, Phu Quoc and Tan Son Nhat.
Sojitz, meanwhile, is one of Japan’s major trading and investment groups, with businesses spanning automotive, aerospace and transportation infrastructure, energy, metals and recycling, chemicals, consumer industries, retail and other sectors.
The Taseco Airs deal expands Sojitz’s Vietnam portfolio, which spans industrial parks, manufacturing, food, retail and logistics. Its investments include Long Duc Industrial Park, Saigon Paper, Japan Vietnam Fertilizer, Ministop Vietnam, New Viet Dairy and logistics operator New Land Vietnam Japan.
