Vinaconex will sell 35% of the capital in NEDI2 to Toyota Group
VietReader 17-11-2020, 23:53

After the sale of capital, Vinaconex plans to reduce its stake in NEDI2 from 73.24% to 38.24%.

The Extraordinary General Meeting of Shareholders of Northern Power Development and Investment Joint Stock Company 2 (NEDI2 – Code: ND2) approved that foreign investors are allowed to transfer more than 25% of the total number of authorized shares. the company’s outstanding decisions from existing shareholders without having to make a tender offer.

Specifically, Toyota Tsusho Corporation (TTC) will receive the transfer of nearly 17.5 million ND2 shares, equivalent to 35% of the charter capital of NEDI2 from the existing shareholder, Vietnam Construction Import and Export Corporation (Vinaconex). – Code: VCG).

Vinaconex is currently the parent company of NEDI2 with 73.24% of charter capital ownership. Thus, after the sale of capital above, Vinaconex plans to reduce the shareholding of NEDI2 to 38.24% and no longer hold dominant power in the business.

The transfer price has not been announced, but with the price of ND2 shares being traded on the current market about 29,500 VND / share, it is estimated that the value of the above block of shares is more than 500 billion VND.

Vinaconex will sell 35% of the capital in NEDI2 to Toyota Group

Source: Fireant

More information about the transferee Toyota Tsusho, this is a company of Toyota Group (Japan). This unit does general business, but the main activity is to export finished cars.

Regarding the activities of Vinaconex, recently the Board of Directors decided to approve the policy of buying back up to 10% of outstanding VCG shares, equivalent to a maximum of 44.2 million units.

Expected buying time is in the fourth quarter of 2020. The capital source to buy back the above shares from the total share premium, undistributed after-tax profit and equity funds according to the most recently reviewed financial report is 1,644 billion dong.

According to Vinaconex, this acquisition of shares is to increase efficiency for the business, increase value for shareholders.

Source: vietnambiz.vn – Translated by fintel.vn

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