Masan Group Corporation announced a decision to buy back 20 million treasury shares in a strong business performance on August 18.
According to Masan, the current trading price of its shares is much lower than their true value. The group owns and operates market leading platforms across the key sectors of Vietnam’s growing economy.
As such, the group believes that the planned buyback is one of efficient ways to deploy some of its significant cash holdings and reflect Masan’s confidence in its strategic direction and financial outlook.
The deal also reflects Masan’s commitment to increase and maximize its shareholders’ value and serve its diverse shareholder base.
Besides the annoucement, the group also released a reviewed financial statement for the first half of 2016 by KPMG Company, confirming the record business performance growth disclosed at the end of July by Masan management.
According to the financial statement, net revenue grew by 83.8% and net profit after tax and minority interest nearly tripled compared to the first half last year.
Supported by strong double digit growth across all of its business segments, Masan is on track to achieve its US$2 billion net revenue target.
Therefore, Masan has increased this year forecast of net profit after tax and minority interest by 25% to VND2,400 billion, reflecting a bottom-line growth of approximately 60% compared to 2015.
Masan’s consolidated cash balance as of 30 June 2016 was VND12,863 billion, comprising cash, cash equivalents, short-term investments and other interest bearing assets.
Masan Group Corporation is one of Vietnam’s largest companies. It has focused on domestic consumption opportunities and built leading businesses in branded food and beverage sector and animal nutrition value chain.
Masan’s businesses include Masan Consumer Holdings, the producer of some of Vietnam’s most trusted and loved brands across many food and beverage categories (such as Chin-su, Nam Ngu, Tam Thai Tu, Omachi, Kokomi, Vinacafe, Wake-up, Vinh Hao and Su Tu Trang), and Masan Nutri-Science, Vietnam’s largest local animal protein company (with brands such as Proconco and ANCO).
The Company’s other businesses include Masan Resources, one of the world’s largest producers of tungsten and strategic industrial minerals, and its associate, Techcombank, a leading joint stock commercial bank in Vietnam.
