NawaPlastic Industries (Saraburi) Co. Ltd, a subsidiary of Thai conglomerate Siam Cement Group (SCG), has spent 2.33 trillion dong ($102.7 million) to acquire a 29.5% stake of a leading Vietnamese plastics producer, in a bid to expand its footprint in Vietnam.
NawaPlastic bought all 24.14 million shares of Binh Minh Plastics JSC (BMP) that the Vietnamese government auctioned on Friday at 96,500 dong ($4.25) apiece, exchange data showed.
With the purchase, NawaPlastic boosted its holding in Ho Chi Minh Stock Exchange-listed BMP to 49.92%, becoming the largest stakeholder in the firm.
According to Ho Chi Minh City Securities (HSC), NawaPlastic is likely to further buy shares of BMP to control the Vietnamese plastics producer.
In a related development, SCG late last month kick-started construction of a $5.4-billion petrochemical complex in southern Vietnam, the first of its kind in the country, after nearly a decade of delay.
The complex is expected to come operational in 2023 and churn out products such as olefin, polyethylene, and polypropylene to meet high demand for plastic materials in the country. The share purchase of BMP will help SCG form a value chain in the local petrochemical industry.
Tin liên quan
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- POSCO E&C Wins Deal to Build Wharf for $5.4-Billion Petrochemical Complex in Vietnam
- Thai Conglomerate Seeks to Buy out Petrochemical Complex in Vietnam
Cùng dòng sự kiện
Từ khóa: SCG, BMP, HSC