Agro-Nutrition International Joint Stock Company (Anco), a subsidiary of Masan Group, has become the sole strategic partner of the state-owned Vietnam Meat Industries Company, known as Vissan, after winning an auction with highest bid of VND126,000 per share in March 24.
At the auction, Vissan offered to sell 11,328,002 shares, or 14 percent stake, at the starting price of VND80,100 per share to three strategic partners, comprising of the Vietnamese – French Cattle Feed Joint Stock Company (Proconco) which is also a subsidiary of Masan Group, South-Korean company CJ CheilJedang, and Anco.
Masan's animal feed subsidiary Anco bought 14 percent stake in Vissan for nearly VND1.43 trillion (US$63 million).
Earlier, Vissan raised nearly VND907 billion from selling 14 percent stake in IPO. Vissan has a chartered capital of over VND809 billion ($34.4 million), of which the Government owns a 65 percent stake, strategic partners have 14 percent, other investors have 14 percent, and its employees possess 7 percent. The company’s first shareholders’ meeting is scheduled to take place April 29 and it will start to operate in the joint stock model by June this year.
