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Saturday, November 26, 2022

Nova Consumer to acquire majority stake in beverage firm

The Saigon Times

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HCMC – Nova Consumer Group, a member of the multi-industry NovaGroup, has passed a plan to acquire a controlling stake in Nova Beverages Production and Trading Co., Ltd., with the deal valued at nearly VND400 billion.

Specifically, Nova Consumer will buy the stake transferred by Consumer Investment Joint Stock Company.

Once the deal is completed, Nova Beverages will become a subsidiary of Nova Consumer, which will own a 99.99% stake in the former.

Previously, Nova Consumer had acquired Sunrise Foods Company. The move helped Nova Consumer complete its feed-farm-food chain to produce safe and quality food products, reported the local media.

In the first half of 2022, Nova Consumer saw its revenue picking up over 18% and after-tax profit edging up over 4% against the same period last year at around VND2.2 trillion and VND184 billion, respectively.

On September 27, Nova Consumer registered to list its shares on the Hochiminh Stock Exchange under the code NCG.

Closing the trading session today, October 6, the benchmark VN-Index lost 29.74 points, or 2.69%, over the session earlier at 1,074.52, with 60 winners and 429 losers.

More than 545 million shares worth over VND11 trillion were transacted on the HCMC market, improving almost 21% in volume and 18% in value against the previous session. Shares traded in block deals accounted for more than VND1.3 trillion of the total value.

Among bluechip stocks, real estate developer VIC was the only one to close in positive territory, but it rose just a fractional 0.2%.

Steelmaker HPG again led the southern bourse by liquidity with 37.46 million shares changing hands.

Meanwhile, the HNX-Index plunged over increased selling pressure. The index shed 6.99 points, or 2.89% versus yesterday at 235.13, with 38 advancers and 162 decliners.

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