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| An executive from CJ CheilJedang of South Korea makes the first bid at the auction of Vissan shares in HCM City on March 24. — VNS Photo |
HCM CITY (Biz Hub) — The International Agriculture Nutrition Joint Stock Company (Anco) has become a strategic investor of the Viet Nam Meat Industries Company (Vissan) after picking up a 14 per cent stake in it in an auction.
At the auction held in HCM City on March 24 to sell a strategic stake, Vissan sold almost 11.3 million shares with a starting price of VND80,100 ($3.59), with CJ CheilJedang of South Korea, Anco and Vietnamese-French Cattle Feed JSC (Proconco) participating in the bidding.
By offering VND126,000 (US$5.3), Anco snapped up all the shares on offer, while Vissan raised VND1.427 trillion ($64 million).
Earlier, on March 7 Viet Nam's leading foodstuff processor raised nearly VND907 billion ($40.67 million) in an initial public offering, selling 14 per cent of its shares at an average price of VND80,053 ($3.59).
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| Van Duc Muoi, general director of Vissan, opens the envelope with details of bids. — VNS Photo |
Animal feed company Anco is diversifying, and, according to Van Duc Muoi, general director of Vissan, building Viet Nam's biggest pig farm.
With its advantage in terms of animal feed availability for the farm, it can "help us create a food chain called 3 F (feed-farm-food) to provide safe food to consumers," he said.
Vissan would hold its annual general meeting on April 29 to announce operation strategies and elect a new management board, he said.
With the country's deeper international integration, to thrive in the domestic market and promote exports, companies must ensure their products' traceability and competitive prices, he added.
Founded in 1970 as a subsidiary of the State-owned Sai Gon Trading Corporation (SATRA), Vissan is one of Viet Nam's leading producers of food, fresh meat, frozen meat, and meat products.
It has a nationwide distribution network, selling at 130,000 traditional markets, 1,000 supermarkets and convenience stores and more than 60 shops to introduce its products. — VNS