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|Taisho will increase its holding in DHG in small increments|
Taisho’s announcement came after DHG was approved to lift the foreign ownership limit to 100 per cent.
Taisho expects to pay VND120,000 ($5.21) per share, 20 per cent higher than the closing transaction price on July 4.
Thereby, the Japanese firm will have to spend VND1.104 trillion ($47.91 million) on the deal.
The transaction is expected to occur within 30-60 days the firm receives the approval from the State Securities Commission of Vietnam. After the deal, Taisho will increase its holding in DHG to 32 per cent.
At present, Taisho is the biggest foreign shareholder in DHG after it purchased 650,000 shares (0.5 per cent of the charter capital) to increase its holding to 32.606 million shares (24.95 per cent).
The runner-up is FTIF Templeton Frontier Markets Fund with 7.95 per cent. Meanwhile, State Capital Investment Corporation (SCIC) is the biggest stakeholder with 43.3 per cent.
DHG’s step-by-step approach follows the script of Nawaplastic Industry Co., Ltd. and Binh Minh Plastic.
Nawaplastic Industry Co., Ltd. (Nawaplastic) completed the purchase of an additional 120,260 shares in Binh Minh Plastic (BMP) on June 26-July 2 to increase its holding to 54 per cent, equalling 44.21 million shares.