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|N.A Motor has been approved to become the strategic investor of Hapro|
According to the approved equitisation plan, interested investors are permitted to buy a maximum of 65 per cent stake at a selling price not lower than the lowest winning bid at Hapro’s initial public offering (IPO). With the initial price of VND12,800 ($0.56) at the IPO, N.A Motor may spend at least VND1.83 trillion ($80.4 million) buying the offered stakes.
Along with Vinamotor, N.A Motor also expressed interest in buying the assigned 36 per cent at Vietnam Engine and Agricultural Machinery Corporation (VEAM). At the time, in spite of being considered the largest initial public offering (IPO) in 2016, VEAM did not fare well on its launch, thus, N.A Motor only registered to buy the assigned 36 per cent at the price of VND10.050 ($0.45) per unit, much lower than the IPO price. However, specific information about the results of the deal has yet to be published.
Established in 2005, N.A Motor specialises in distributing cars and motorbikes, selling spare parts, vehicle insurance, as well as providing vehicle maintenance and repair. The company is currently expanding its operations to the real estate sector.
N.A Motor has a close relationship with BRG Group, the owner of Hilton Hanoi and BRG Kings Island Golf Resort in Dong Mo and Do Son.
According to information published by the Hanoi Stock Exchange, Hapro, the owner of several golden land plots in the capital, will conduct its IPO on March 30.
Accordingly, the corporation will put 75.93 million shares or 34.51 per cent of its charter capital on sale with the initial price of VND12,800 ($0.56) via an auction.
Hapro expects to acquire at least VND971 billion ($42.78 million) from the IPO.
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