Business

Hoa Sen sells shares to strategic partners

Steel producer Hoa Sen Group (HSG) has sold nearly 12 million shares to three domestic and foreign financial institutions: the Republic of Korea ’s STIC Investment Inc, FPT Securities Co and Bong Sen Fund Management Co.
Steel producer Hoa Sen Group (HSG) has sold nearly 12 million shares to threedomestic and foreign financial institutions: the Republic of Korea ’s STICInvestment Inc, FPT Securities Co and Bong Sen Fund Management Co.

Theshare sale has allowed the Ho Chi Minh City-listed Hoa Sen to raise capital of538 billion VND (28 million USD) and made Hoa Sen the first Vietnameseenterprise in which STIC has invested following nearly two years of marketresearch, according to Kevin Lim, general director of STIC, which made a 10million USD investment in the group.

“STIC chose Hoa Sen group for tworeasons,” said Kim. “First, it is the business leadership of the company’schairman, Le Phuoc Vu. And second, the company’s management system and employeecompetence attracted us.”

Vu confirmed that the strategic cooperationmarked a new stage in the development of Hoa Sen and would help it achieve atarget of 1 billion USD in annual revenue and 100 million USD in annual profit.

Capital raised from the sale of Hoa Sen shares would be used in buildingthe Ton Hoa Sen Phu My Factory, which would produce up to a million tonnes ofzinc-coated and cool-rolled steel per year once completed, Vu said.

Products from the first phase would be on the market next month.

Hoa Sen Group, established in 2001, currently has charter capital of 570billion VND (30 million USD). Last year, the group earned 2.85 trillion VND (149million USD) and posted a net profit of 189 billion VND (10 million USD). Thisyear, it has targeted a much higher 5 trillion VND (262 million USD) in revenueand 520 billion VND (27.2 million USD) in profit./.
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