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Banking & Finance

Vinataba divesting from Huu Nghi Foods

Released at: 09:00, 17/03/2017

Vinataba divesting from Huu Nghi Foods

Photo: vinataba.com.vn

Entire holding to be sold from March 17 to April 14.

by Hai Van

The Vietnam Tobacco Corporation (Vinataba) has announced its divestment from the Huu Nghi Foods Joint Stock Company (UPCoM stock code HNF).

It has registered to sell all of its 10,347,630 shares, equal to 51.74 per cent of charter capital. The transaction is expected to be conducted from March 17 to April 14, by agreement matching and order matching.

On March 16, as soon as news of the divestment was made public, HNF hits its ceiling on UPCoM and reached VND32,600 ($1.43); its highest price ever.

Vinataba’s holding in HNF is represented by Mr. Trinh Trung Hieu, Chairman, Ms. Le Thi Lan Anh, General Director, and Mr. Nguyen Chi Nhan, Member of the Board of Directors.

Huu Nghi Foods, formerly known as the Huu Nghi High Grade Confectionery Factory, was established in 1997. In December 2006, Huu Nghi Confectionery was officially equitized, with charter capital of VND22.5 billion ($980,000), and in March 2011 it became a subsidiary of Vinataba. The company has increased its charter capital six times since equitization, with the most recent being December 2014, via a public offering to existing shareholders, employees, and Vinataba. Its charter capital now stands at VND200 billion ($8.78 million).

Twenty million HNF shares first traded on UPCoM on November 3, 2015, with a reference price of VND13,000 ($0.57) per share. 

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