Japanese firm acquires 10% of major Vietnamese agriculture company
PAN Group, a leading agriculture and food processing firm in Vietnam announced on September 25 the sale of its 13.4 million shares, or 10% stake, to Japan’s Sojitz Corporation.
A production line of a subsidiary of PAN Group. PAN has offered a 10% stake to Japan’s Sojitz - PHOTO: PAN |
After the deal closed, PAN’s charter capital rose from VND1.2 trillion to nearly VND1.34 trillion.
PAN will use the revenue from the share offering to conduct more merger and acquisition deals, targeting local agriculture and food processing companies.
However, the group’s main purpose in this deal was to enhance the strategic partnership with Sojitz for their mutual benefits.
PAN General Director Nguyen Thi Tra My said the group was seeking a strategic partner rather than merely a capital contributor.
Also, the two sides have jointly established a cooperation committee with the participation of senior leaders of the two firms.
The committee will gather leading experts from both Vietnam and Japan to promote the execution of agriculture and food processing projects in Vietnam and other regional countries.
The two enterprises also committed to sharing market information in Vietnam, Japan and the world as a whole.
In addition, Sojitz will provide consulting services and assess PAN’s current resources and strengths to help introduce Vietnamese products to the world.