Business

Thai firm acquires Vietnamese cable makers in 240 million USD deal

Thailand's Stark Corporation has completed the acquisition of Vietnam-based Thinh Phat Cables (Thipha) and Dong Viet Non-Ferrous & Plastic (Dovina) for a combined value of 240 million USD.
Thai firm acquires Vietnamese cable makers in 240 million USD deal ảnh 1A Thinh Phat Cables (Thipha) worker conducts a check at the company's factory. Thipha was established in 1987 in HCM City and is the second largest manufacturer of electrical wires and cables in Vietnam (Photo thiphacable.com)

Hanoi (VNS/VNA) -Thailand's Stark Corporation has completed the acquisition of Vietnam-based ThinhPhat Cables (Thipha) and Dong Viet Non-Ferrous & Plastic (Dovina) for acombined value of 240 million USD.

The transaction was implementedby Stark Corporation’s subsidiary Phelps Dodge International (Thailand) Co Ltd,a leading Thai and Southeast Asian wire and cable manufacturer.

Through the deal, Starkaims to increase productivity and cable production capacity, as well as expandto become a leading producer of power cables in the region.

“The overall business of thecompany and the target companies is similar and complement the company’s corebusiness and also enhance the competitive advantages of the group company fordomestic and international markets,” newswire dealstreestasia quotedStark Corporation as saying in a stock exchange filing.

Phelps Dodge Internationalproduces and exports wires and cables to various countries, while theVietnamese businesses operate in the same sector and have also reached severalSoutheast Asian markets.

The transaction represents thelargest inbound private sector industrial transaction in Vietnam in the lastthree years, according to Mergermarket. It reflected the continuedattractiveness of the Vietnamese domestic market, and Vietnam’s strong regionalposition within ASEAN.

According to news site nhadautu.vn, ThiPha was established in 1987in HCM City and is the second largest manufacturer of electrical wires andcables in Vietnam.

At the end of 2009, ThiPha’sshareholders established Dovina to import and process copper and aluminum forthe production of electrical wires and cables. Dovina sells processed copperand aluminum to ThiPha and other businesses in Vietnam and abroad.

Both are among the 100 largestprivate companies in Vietnam.

By the end of September 2019,the total assets of Thipha and Dovina had reached 4.7 trillion VND (201 millionUSD). Total combined revenue and net profit also reached 7.1 trillion VND and 344.8billion VND, respectively.

ThiPha's projects include ParkHill Building in Hanoi, E-Home 3, 4, 5 in HCM City and Binh Duong province, TanSon Nhat International Airport in HCM City, Diamond Bay Resort 2 in Khanh Hoa province,and Phu Quoc Airport in Kien Giang province.

ThiPha also provides productsto projects in foreign markets such as the Vatanac Tower in Cambodia, HongKong Land in Cambodia and the Coca Cola factory in Myanmar./.
VNA
#Thailand's Stark Corporation #Thinh Phat Cables #Dong Viet Non-Ferrous & Plastic #acquisition #cable manufacturer #power cables #stock exchange filing #Vietnamplus #Vietnam News #Vietnam News Agency
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