14:16 | 20/08/2018 Economy
On August 20th 2018, The PAN Group (HOSE: PAN) had officially sent documents to collect shareholders’ voting ballots on the private placement. The voting time is from 20/8 to 4/9/2018.
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The PAN Group submits for shareholders’ approval to offer more than 14.86 million common shares (equivalent to VND 148.6 billion at par value) to the Japanese partner – Sojitz Group. If approved, the issuance may take place from QIII to QIV/2018, thereby bringing the Japanese partner to become a major shareholder holding up to 11% of chartered capital and having a strategic partnership with The PAN Group.
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The Board of Directors proposes the General Meeting of Shareholders to be authorized to decide the offering price based on negotiation with investor, investor’s ability to support the business and investment plan, and market condition, etc., but not lower than VND 55,000/share. Offering shares shall be restricted to be transferred within 01 year from the closing date of the deal.
Established in 1998 and continuously expanding in recent years through the M&A strategy of leading companies, The PAN Group has become the leading corporation in Agriculture and Food industries in Vietnam. Its products are available in domestic and international market, gradually completing the 3F full value chain Farm – Food – Family model. The private placement is expected to help The PAN Group to acquire more strategic shareholders to develop, more resources to invest and increase ownership in affiliate companies, as well as implement M&A in agriculture, raw material, food nutrition, packaged food, and beverages.