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MSN will sell Masan Agriculture which holds 40 per cent stake of the country's largest cattle feed manufacturer Proconco.— Photo cafef
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HA NOI (Biz Hub) —Masan Group Corporation (MSN)'s board of directors has announced it will transfer Masan Brewery's charter capital to Masan Consumer Holdings.
The board also made public its decision to sell its 51 per cent stake in Masan Agriculture, which holds a 40 per cent stake of Vietnamese-French Cattle Feed JSC or Proconco, the largest cattle-feed manufacturer in the country.
Further, MNS revealed its divestment in HCM City-based Minh Viet Packaging Company(Mivipack), which produces packaging for the corporation, adding that money from the divestment will be used for new packaging factories in areas with high product sales, in a bid to reduce operation and transportation fees.
After the sales and transfers, Masan Consumer Holdings (MCH) will include Masan Consumer, which specialises in food and beverage, and Masan Brewery, which produces the beer brand "Su Tu Trang".
MNS currently holds a 75.9 per cent stake in Masan Resources and 30.4 per cent in Techcombank.
In November, MSN reported revenues of VND10.833 trillion (US$508.5 million) in the first nine months of 2014, an increase of 44.3 per cent over the same period last year.
On December 31, MSN shares closed on the HCM City Stock Exchange at VND83,000 ($3.9) each. — VNS