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Thursday, July 25, 2024

M&A turns active

By Trieu Duong

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In addition to buying into local businesses, financially strong domestic companies are increasingly acquiring stakes from foreign investors involved in joint ventures. What is behind this trend? Acquisitions push up stock prices After its first annual general meeting of shareholders failed to take place as planned, Ho Chi Minh City Infrastructure Investment JSC (HOSE: CII) said at the recently held second meeting that the company would try to achieve a revenue target of VND4.19 trillion this year, down by 11.3% against last year, and a profit after tax target of VND430 billion, up by 9.7%. At the meeting, CEO Le Quoc Binh announced the acquisition of a BOT infrastructure project following the merger of the Trung Luong-My Thuan Expressway in the third quarter of 2023. Specifically, CII is in talks over the takeover of a BOT infrastructure project at about VND1.6 trillion, and the negotiations are expected to be concluded by the end of June or early July this year. Following a drastic correction from late March to mid-April, its stock price has since soared by 15%. In mid-May, PetroVietnam Ca Mau Fertilizer JSC (HOSE: DCM) completed the 100% acquisition of Korea-Viet Fertilizer Co. Ltd. (KVF). DCM and Taekwang Group […]
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