Funds under VinaCapital Corporate Finance Vietnam Ltd. have raised their combined holding in Quang Ngai Sugar Joint Stock Company (UPCoM: QNS) from 4.97 to 5.13 per cent, turning VinaCapital into a major shareholders of the company.
According to information publised by QNS, on December 27, Foremost Worldwide Limited bought an additional 224,900 shares, raising its holding from 4.86 to 4.98 per cent, while VOF Investment Limited bought another 69,000 shares, raising its holding from 0.11 to 0.15 per cent.
QNS’s products include soymilk (Vinasoy and Fami brands), Biscafun confectionery, and Thach Bich bottled water.
As of the end of December 2015, Vinasoy and Fami together held about 84 per cent of the Vietnamese branded soymilk market, according to market research firm Nielsen. QNS’ soymilk factories currently have a combined annual capacity of over 300 million litres.
In the first nine months of this year, QNS earned a total VND5.3 trillion ($237.67 million) in revenue and VND807 billion ($36.2 million) in net profit, a year-on-year decrease of 12 and 19 per cent, respectively. The soymilk operations contributed over half of the revenue and profit.
However, according to an analysis by Ho Chi Minh City Securities Corporation, in the period between 2011 and 2015, the company enjoyed an average growth rate of 18.3 per cent in revenue and 20.8 per cent in net profit.
QNS started trading 187 million shares on UPCoM on December 20 at the initial price of VND80,000 ($3.6) a share. On January 10, 2017 the stock closed at VND107,500 ($4.8) apiece.
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By Ha Duy