Workers at Bien Hoa Tay Ninh Sugar Factory package products for sale (Photo: baodautu.vn) Hanoi (VNA) - Bien Hoa Sugar JSChas announced its 300 million shares traded on the HCM Stock Exchange will bedelisted to complete the merger with Thanh Thanh Cong Tay Ninh Sugar JSC.
The company said in its statement earlythis week that the shares were being delisted to conduct a share swap with ThanhThanh Cong Tay Ninh Sugar JSC in accordance with the M&A agreement betweenthe two companies.
Shares of Bien Hoa Sugar JSC will bedelisted from the stock exchange on August 30 and the last trading day isAugust 29.
Shares of the two sugar producers havegained significantly since May on market speculation of a merger between thetwo largest companies in the sugar industry.
The two sides on June 7 signed a mergeragreement to create the largest sugar company in Vietnam with 30 percent marketshare.
Under the agreement, Thanh Thanh Cong TayNinh Sugar JSC will swap its shares with more than 300 million shares of BienHoa Sugar JSC at the rate of 1:1.02, which means each share of Bien Hoa Sugaris equal to 1.02 shares of TTCS.
Shares of both companies are listed on theHCM Stock Exchange. SBT is the code for Thanh Thanh Cong Tay Ninh JSC and BHSis the code for Bien Hoa Sugar JSC.
SBT has surged 51.5 percent in the last twomonths and BHS has gained 30 percent in the same period. BHS stocks closed unchangedon July 19 at 21,100 VND (0.93 USD) a share while SBT increased 0.7 percent tosettle at 38,450 VND each.
At the current price level, total marketcapitalisation of SBT after the merger will reach 950 million USD.
The merger will increase the charteredcapital of Thanh Thanh Cong Tay Ninh by more than 3 trillion VND (133.3 millionUSD) to 5.57 trillion VND. The new company will have total assets of 14.67trillion VND and total payable assets of 7.86 trillion VND.
Thanh Thanh Cong Tay Ninh expects its combinedrevenue will reach 8.35 trillion VND following the merger and combined pre-taxprofit will touch 674 billion VND.
Also in May, Thanh Thanh Cong, the parentcompany of Thanh Thanh Cong Tay Ninh Sugar JSC, spent over 1.33 trillion VND toacquire entire stake in the HAGL Sugar JSC from Hoang Anh Gia Lai Group.-VNA
The company said in its statement earlythis week that the shares were being delisted to conduct a share swap with ThanhThanh Cong Tay Ninh Sugar JSC in accordance with the M&A agreement betweenthe two companies.
Shares of Bien Hoa Sugar JSC will bedelisted from the stock exchange on August 30 and the last trading day isAugust 29.
Shares of the two sugar producers havegained significantly since May on market speculation of a merger between thetwo largest companies in the sugar industry.
The two sides on June 7 signed a mergeragreement to create the largest sugar company in Vietnam with 30 percent marketshare.
Under the agreement, Thanh Thanh Cong TayNinh Sugar JSC will swap its shares with more than 300 million shares of BienHoa Sugar JSC at the rate of 1:1.02, which means each share of Bien Hoa Sugaris equal to 1.02 shares of TTCS.
Shares of both companies are listed on theHCM Stock Exchange. SBT is the code for Thanh Thanh Cong Tay Ninh JSC and BHSis the code for Bien Hoa Sugar JSC.
SBT has surged 51.5 percent in the last twomonths and BHS has gained 30 percent in the same period. BHS stocks closed unchangedon July 19 at 21,100 VND (0.93 USD) a share while SBT increased 0.7 percent tosettle at 38,450 VND each.
At the current price level, total marketcapitalisation of SBT after the merger will reach 950 million USD.
The merger will increase the charteredcapital of Thanh Thanh Cong Tay Ninh by more than 3 trillion VND (133.3 millionUSD) to 5.57 trillion VND. The new company will have total assets of 14.67trillion VND and total payable assets of 7.86 trillion VND.
Thanh Thanh Cong Tay Ninh expects its combinedrevenue will reach 8.35 trillion VND following the merger and combined pre-taxprofit will touch 674 billion VND.
Also in May, Thanh Thanh Cong, the parentcompany of Thanh Thanh Cong Tay Ninh Sugar JSC, spent over 1.33 trillion VND toacquire entire stake in the HAGL Sugar JSC from Hoang Anh Gia Lai Group.-VNA
VNA
