Pan Pacific Corporation (PAN) said on February 4 that its subsidiaries now hold a 24.58% stake at the local big confessionary producer Bibica Corporation (BBC).
A customer inspects a box of Bibica’s Happy cookies at a supermarket in this file photo. Bibica is a popular confectionery producer in Vietnam.
Bibica is 3.45% and 21.13% owned by Ben Tre Aquaproduct Import and Export Company (ABT) and PAN Food Company (Pan Food) respectively.
Transactions were completed earlier this month with ABT reducing its stake at BBC to 3.45% from 8.43% but Pan Food increasing its share holding to 21.13% from 0%.
SSI Asset Management Company (SSIAM) and Saigon Securities Incorporation (SSI) were the sellers of BBC shares for Pan Food.
On January 27, SSIAM offloaded its entire stake totaling over 30.8 million BBC shares, or nearly 20% of the company on the local stock market.
According to Pan Pacific, Bibica is an important part in Pan Pacific’s strategy to become a fast-moving consumer goods (FMCG) company with an A-to-Z value chain from varieties, purchasing, processing and production.
Pan Pacific has two subsidiaries including ABT and National Seed Company.
Current major shareholders of Bibica are South Korea’s Lotte Confectionery holding the biggest stake of around 44%, followed by Pan Pacific with 24.58% and Duong Mat Troi Investment Company with 13.49%.
Source talkvietnam.com
