Japanese partner buys stake in noodle maker

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VietNam News English - 101 month(s) ago 4 readings

HCM CITY Japanese food and beverage producer House Foods Corporation yesterday signed an agreement to acquire a 1.85 per cent stake from HCM City Stock Exchange-listed Masan Group, said the local food producer.

Accordingly, House Foods will spend US$20 million to buy the stakes, equivalent to 9 million new ordinary shares, making the acquisition a strategic partnership with Masan.

The number of ordinary shares outstanding post the enlargement will be around 485.4 million. Presently, Masan has listed 476.3 million shares on the HCM City Stock Exchange, under the MSN code. MSN yesterday closed at VND32,600 a piece.

The deal will enable Masan to leverage House Foods Corporation s research and development capabilities to enhance quality and augment its product lines. Similarly, House Foods will be able to capitalise on Masan s knowledge of Viet Nam and its network.

"Masan will continue to partner with leading financial and strategic players to execute our strategy of creating a local multi-national corporation to execute Vietnamese values," said Madhur Maini, CEO of Masan Group.

Meanwhile, Hiroshi Urakami, president of House Foods Corporation, greatly appreciated the partnership with Masan, saying that Viet Nam would have tremendous growth opportunities in the future.

Previously, Masan made the partnership with private investment group Texas Pacific and Denmark s BankInvest, receiving a combined investment of $50 million. VNS

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