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PAN to offers shares to Sojitz

Released at: 14:01, 06/09/2018

PAN to offers shares to Sojitz

Photo: vneconomy.vn

Share offering to increase PAN Group's charter capital.

The General Meeting of Shareholders of the PAN Group (Stock code: PAN) has approved a resolution on offering shares to increase charter capital.

It will offer a maximum to 14,861,818 shares to Japan’s Sojitz Group or a wholly-owned subsidiary.

The Board of Directors is authorized to determine the offering price on the basis of negotiations, the ability of the Sojitz Group to support PAN’s development plans, and the market situation at the time of the offering. The price, however, will not be lower than VND55,000 ($2.36) per share.

New shares issued in the offering are subject to a one-year limit on transfer, from the date of the completion of the offering under law.

The issuance is expected to take place in the third and fourth quarters of this year and make Sojitz PAN’s major shareholder, with up to 11 per cent.

The capital will be invested by PAN, used as capital to increase holdings in member companies, and to implement merger and acquisitions (M&A) in agriculture, raw materials and nutritional food, packaged food, and drinks.

PAN strives to increase value by integrating substantial but fractured verticals in agriculture and food, implementing its financial, operational, marketing, and management expertise. In addition to contributing industry expertise and excellence in execution, it pursues sustainable development in corporate governance by focusing on best-in-class financial and risk management practices as well as affecting the highest standards of openness and transparency.

The Sojitz Group has 400 subsidiaries and affiliated companies doing business in many countries and regions around the world. It conducts multi-sector business in the fields of purchasing, selling, importing, exporting, manufacturing, and supplying products and services, connecting many projects in Japan and other countries.

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