The Singapore-based company currently holds a 24.9 percent stake in the Refrigeration Electrical Engineering Corporation (REE) and wants to increase the ownership to 35.01 percent, REE said in a recent statement.
Platinum Victory has proposed to pay VND45,000 ($1.95) for each of the 31.3 million shares, which is 18 percent higher than the listed price as of Wednesday morning on the Ho Chi Minh City Stock Exchange.
However, as the foreign ownership in REE has already reached the cap of 49 percent, Platinum Victory will have to buy the additional stake from other foreign investors.
Platinum Victory is a unit of diversified conglomerate Jardine Cycle & Carriage, one of the biggest listed companies in Singapore in terms of market cap.
It is also a major shareholder in Vietnam’s largest dairy firm Vinamilk with a 10.6 percent ownership. Since the end of last year, it has been making moves to acquire more ownership in REE and Vinamilk without success.
Ho Chi Minh City-based REE produces air conditioners and ventilation equipment. It also has interests in real estate and energy.
Its revenue from January to September was VND3.46 trillion ($149.52 million), up 2.9 percent year-on-year.
Từ vựng liên quan
Tin tức liên quan
HCMC apartment rent revenues plummet amidst Covid-19 pandemic
industries | 58436610Landlords are reporting plunging revenues as occupancy drops and struggling tenants seek discounts over coronavirus impacts.
HSBC expects 7.6 pct surge in Vietnam GDP
economy | 314216557Vietnam will grow at 7.6 percent this year, driven by newly signed free trade deals and rising foreign investment, HSBC has forecast.
Hanoi traffic cops learn how to deliver...babies
news | 259806566Dont't worry, they won't give you a ticket as long as you push hard!
US dismisses China's claims to waters around Vietnam's Vanguard Bank
news | 270326557The U.S. has rejected China's claims to most of the South China Sea, including waters surrounding Vietnam's Vanguard Bank.
Vietnam's top tourist destinations hit by alarming UV levels
news | 52166600Tourism hotspots took on a new meaning in Vietnam Wednesday with the ultraviolet index there jumping to “extremely dangerous” levels.
Artificial Intelligence can help Vietnam tackle cyber attacks better: expert
news | 98556623Artificial intelligence can close cybersecurity loopholes by anticipating threats and taking protective measures in time, an expert says.
Lao man arrested with 60,000 ecstasy pills in central Vietnam
news | 333876555A Lao man was caught with 60,000 ecstasy pills intended for the Vietnamese market in the border province of Quang Tri on Sunday.
Cash-strapped V. League club unable to muster team ahead of new season
football | 166116592As a new V. League season looms, Than Quang Ninh club faces an existential crisis with no money and only 12 players left.
Hanoi, Ho Chi Minh City listed as foreign investment magnets
business | 329926558Vietnam received an estimated $18.1 billion in new FDI pledges from January to November this year.
Hanoi allows barbershops, malls, on-site workers
news | 330886568Hanoi will relax its social distancing order starting Tuesday, reopening malls, barbershops and allowing business to resume on-site operations at 50 percent capacity.