Sacom has entered into a strategic agreement to make joint investments with construction and trading firm Hoa Phat.
Following a deal signed Thursday, Sacom will acquire 4.5 million shares in Hoa Phat and the latter will acquire 2 million Sacom shares at undisclosed prices.
Sacom will issue shares to Hoa Phat once it gets the regulator’s nod.
The agreement sees both parties pledging to use each other’s products and services and promote joint investment projects.
Sacom holds 15 to 40 percent stakes in six other companies with a combined chartered capital of nearly VND1.4 trillion (87.4mio US$). Its stock gained 4.69 percent Thursday to VND223,000 per unit.
Hoa Phat is a private joint stock company involved in industrial manufacturing, construction, and trading that is seeking to list on the Ho Chi Minh City stock exchange this year.
It reported revenues last year of VND3.8 trillion (240mio US$) and profits of VND225 billion.
It is also a holding concern running seven other enterprises with a total chartered capital of VND 1.1 trillion.
Source: Thanh Nien
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