Korean retailer finds local partner
The Republic of Korea’s clothing
retailer E-Land Group has become the foreign strategic partner of
Vietnam’s Thanh Cong Textile & Garment Joint Stock Co (TCG), after
acquiring a 30 percent stake in the company, Thanh Cong announced.
The Republic of Korea’s clothing
retailer E-Land Group has become the foreign strategic partner of
Vietnam’s Thanh Cong Textile & Garment Joint Stock Co (TCG), after
acquiring a 30 percent stake in the company, Thanh Cong announced.
E-Land Asia Holdings, the local subsidiary of E-Land Group, acquired more than 10 million Thanh Cong shares in March at face-value price. Korean company’s strategic director Lee Eun Hong has also been named the new general director of Thanh Cong.
Tran Thi Ha of Thanh Cong’s administrative department told Vietnam News that E-Land Asia Holdings has proposed buying an additional 6 million shares, raising its total interest to nearly 40 percent. “We are currently waiting for the State Securities Commission to approve the extra acquisition” she said.
The partnership with E-Land Asia Holdings would help Thanh Cong explore new sector of retail clothing in the domestic market, said Thanh Cong chairman Dinh Cong Hung, noting that the company planned to open a retail chain of stores by the end of 2010.
Thanh Cong projects profits on 60 billion VND (3.4 million USD) this year and will pay a dividend of 12 percent on last year’s earnings. TCG shares on July 15 closed up 3.53 percent to 14,600 VND each./.
E-Land Asia Holdings, the local subsidiary of E-Land Group, acquired more than 10 million Thanh Cong shares in March at face-value price. Korean company’s strategic director Lee Eun Hong has also been named the new general director of Thanh Cong.
Tran Thi Ha of Thanh Cong’s administrative department told Vietnam News that E-Land Asia Holdings has proposed buying an additional 6 million shares, raising its total interest to nearly 40 percent. “We are currently waiting for the State Securities Commission to approve the extra acquisition” she said.
The partnership with E-Land Asia Holdings would help Thanh Cong explore new sector of retail clothing in the domestic market, said Thanh Cong chairman Dinh Cong Hung, noting that the company planned to open a retail chain of stores by the end of 2010.
Thanh Cong projects profits on 60 billion VND (3.4 million USD) this year and will pay a dividend of 12 percent on last year’s earnings. TCG shares on July 15 closed up 3.53 percent to 14,600 VND each./.
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