Pan Food now second biggest stake holder in sweet maker
Pan Food Joint Stock Company has raised its stake in confectionery maker Bibica (coded BB on the HCM Stock Exchange) to 42.25%, becoming the second biggest shareholder of Bibica after Korea's Lotte Confectionery.
In a filing to the HCM City bourse in mid-May, Pan Food announced it purchased almost 3.26 million Bibica shares, equivalent to 21.12% of the company's outstanding shares in the market.
The amount of purchased shares was lower than the number the company registered to buy.
In early April, Pan Food made a public bid for more than 4.6 million shares of Bibica, which would account for a 29.87% stake. At that time, it owned 21.13% of BBC's stakes.
Pan Food said the deal aimed to serve the long-term investment. It offered to buy each share for VND56,800 (US$2.62), costing about VND185 billion (US$8.5 million) for the deal.
The price of BBC has climbed 7% since early April, from VND57,500 a share on April 3 to VND61,500 on May 15.
Earlier on Bibica's website, the company announced three of five board members had no objection to the proposed bid of Pan Food.
Lotte is still the largest stakeholder with a 44.03 stake of Bibica's charter capital.
Pan Food is a subsidiary of the Pan Pacific Corporation (coded PAN), which specialises in agriculture and food products.
Apart from Pan Food, another subsidiary of Pan Pacific, Ben Tre Aquaproduct Import and Export Co (coded ABT), currently holds a 3.58% stake in Bibica.
Bibica is one of the leading confectionery makers in Vietnam, with popular brands including Hura, Choco Bella, Orienko, Zoo and OneTwoThree. It reported sales of almost VND1.13 trillion (US$52.8 million) in 2014, an increase of 7% over the previous year. Its net profit jumped 27% to touch VND57.4 billion (US$2.7 million).
Pan Pacific (PAN) reported a consolidated revenue of over VND1.12 trillion (US$52 million) and a pre-tax profit of VND183 billion (US$8.4 million) for the whole year.
The amount of purchased shares was lower than the number the company registered to buy.
In early April, Pan Food made a public bid for more than 4.6 million shares of Bibica, which would account for a 29.87% stake. At that time, it owned 21.13% of BBC's stakes.
Pan Food said the deal aimed to serve the long-term investment. It offered to buy each share for VND56,800 (US$2.62), costing about VND185 billion (US$8.5 million) for the deal.
The price of BBC has climbed 7% since early April, from VND57,500 a share on April 3 to VND61,500 on May 15.
Earlier on Bibica's website, the company announced three of five board members had no objection to the proposed bid of Pan Food.
Lotte is still the largest stakeholder with a 44.03 stake of Bibica's charter capital.
Pan Food is a subsidiary of the Pan Pacific Corporation (coded PAN), which specialises in agriculture and food products.
Apart from Pan Food, another subsidiary of Pan Pacific, Ben Tre Aquaproduct Import and Export Co (coded ABT), currently holds a 3.58% stake in Bibica.
Bibica is one of the leading confectionery makers in Vietnam, with popular brands including Hura, Choco Bella, Orienko, Zoo and OneTwoThree. It reported sales of almost VND1.13 trillion (US$52.8 million) in 2014, an increase of 7% over the previous year. Its net profit jumped 27% to touch VND57.4 billion (US$2.7 million).
Pan Pacific (PAN) reported a consolidated revenue of over VND1.12 trillion (US$52 million) and a pre-tax profit of VND183 billion (US$8.4 million) for the whole year.