Anco becomes Vissan’s strategic, long-term partner

The auction was held for Vissan’s 11.3 million shares, or 14% of its chartered capital. 

Anco offered the highest price of VND126,000 (US$5.67) per share. 

It was vied by the Vietnamese – French Cattle Feed Joint Stock Company (Proconco) and CJ CheilJedang – a subsidiary of CJ Group, a major food firm in the Republic of Korea, which, however, set lower prices, VND125,000 (US$5.62) and VND120,600 (US$5.4), respectively. 

The auction netted over VND1.4 trillion (US$63 million) for Vissan. 

Vissan was founded in 1970 as a subsidiary of the State-owned Sai Gon Trading Corporation (SATRA). It is now one of Vietnam's leading corporations in the production of fresh and frozen meat, and meat products. 

Vissan has a chartered capital of over VND809 billion (US$34.4 million), of which the Government owns a 65% stake, strategic partners have 14%, other investors have 14%, and its employees possess 7%. 

On March 7, Vissan off-loaded its 14% stake, or over 11.3 million shares, with the IPO, earning more than VND900 billion (US$40.1 million) in total. 

The selling price per share more than quadrupled the starting price of VND17,000  each. Vissan received subscribers asking for up to 63.6 million shares, more than five times the number of shares released in the IPO. 

Vissan’s first shareholders’ meeting is scheduled to take place in June 2016.