Nawaplastic Industries Co Ltd, a subsidiary of Thailand’s SCG, has registered to buy an additional 818,609 shares of Binh Minh Plastics Joint Stock Company (BMP). The trades are expected to be executed by agreement and order matching from April 4 to May 3, 2018.
Currently, Nawaplastic owns more than 40.84 million BMP shares, equivalent to 49.89 per cent of the company’s stake.
If the transaction succeeds, Nawaplastic will raise the ownership of BMP shares to more than 41.66 million shares, equivalent to 50.89 per cent, and dominate Binh Minh Plastics.
Prior to that, The Nawaplastic had won the bid to buy a total of 24.13 million BMP shares owned by the State Capital Investment Corporation (SCIC). The Viet Nam Securities Depository has also completed procedures to transfer the ownership of these shares.
Prior to this, Nawaplastic Industries was BMP’s major shareholder holding more than 16.7 million shares, equivalent to 20.4 per cent of total shares of Binh Minh Plastics.
On the market, BMP shares have fallen quite sharply and are trading around VND71,000 (US$3.11) per share.