Vinacafe Bien Hoa Joint Stock Company (HOSE: VCF)'s leader has approved to sell 50.11 percent stake in VCF to Masan Consumer after a recent meeting with the acquirer, said Le Hung Dung, VCF's financial director.


The sale will last to October 11, 2011.
After acquiring 50.11 percent stake in VCF, Masan Consumer will become strategic shareholder of Vinacafe Bien Hoa.
According to the annual report 2010 of VCF, till December 31, 2010, insiders and shareholders held nearly 60 percent stake in VCF.
Of which, Vinacafe held nearly 13.4 million shares (50.26 percent stake), Beta Securities Joint Stock Co held 2.05 million shares (7.7 percent stake) and an individual shareholder held 2.3 million shares (8.63 percent).
According to Ban Viet Securities Company, Masan Consumer's asking price is VND80,000 per share, while the closing price on September 23 of VCF was VND85,500 each, lower than the closing price on September 12, the starting day of the purchase, at VND89,000 each.
This price is much lower than the price of VND99,500 per share on September 5 when Masan Consumer leaked about the VCF acquisition.
With the asking price of VND80,000 Masan Consumer will have to spend some VND1.065 trillion on the purchase of 13.32 million shares, or 50.11 percent VCF stake.
According to the announcement of Masan Consumer, till July 31, the company's total amount of cash reached nearly VND4.258 trillion.