Anco becomes Vissan’s strategic, long-term partner
The Agro Nutritional Joint International Stock Company (Anco) became a strategic partner of the Vietnam Meat Industries Limited Company (Vissan) after winning an auction on March 24.
An animal feed product by ANCO (Source: anco.com.vn)HCM City (VNA) – The Agro Nutritional Joint International Stock Company (Anco) became a strategic partner of the Vietnam Meat Industries Limited Company (Vissan) after winning an auction on March 24.
The auction was held for Vissan’s 11.3 million shares, or 14 percent of its chartered capital.
Anco offered the highest price of 126,000 VND (5.67 USD) 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, 125,000 VND (5.62 USD) and 120,600 VND (5.4 USD), respectively.
The auction netted over 1.4 trillion VND (63 million USD) 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 809 billion VND (34.4 million USD), of which the Government owns a 65 percent stake, strategic partners have 14 percent, other investors have 14 percent, and its employees possess 7 percent.
On March 7, Vissan off-loaded its 14 percent stake, or over 11.3 million shares, with the IPO, earning more than 900 billion VND (40.1 million USD) in total.
The selling price per share more than quadrupled the starting price of 17,000 VND 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.-VNA
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