Sugar firm to open Singapore subsidiary

Monday, Jul 07, 2014 17:13

A truck carries materials for sugar production at Ninh Hoa Sugar Co. The company will have an affiliate in Singapore. — Photo

HA NOI (Biz Hub) — The Ninh Hoa Sugar Joint Stock Company (NHS) will establish an affiliate firm in Singapore's High Street Centre, with the investment capital coming from its own equity.

According to a management board decision issued last Friday, the subsidiary will be named the NHSS Private Limited Company and will have a charter capital of VND14.7 billion, or US$700,000.

It is expected to sell about 6,000 tonnes of sugar and 10,000 tonnes of byproducts per year, within an operational term of 50 years.

Ninh Hoa is based in the central Nha Trang City and has over VND915 billion, or $43.57 million, in equity. On July 2, the company announced that it would merge with the Bien Hoa Sugar Joint Stock Company, headquartered in the southern Dong Nai Province, in the near future.

After the merger, Ninh Hoa's shares will be delisted from the HCM City Stock Exchange and changed to Bien Hoa (BHS) shares, which is listed on the same market.

On Monday, NHS closed down 0.1 point to finish at VND11,000, or $0.52, per share, while BHS gained 0.2 point to end at VND12,200, or $0.58, per share. — VNS

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