Workers at Bibica's factory. Photo courtesy of the company
PAN Group has bought a 39.9 percent stake in Bibica for VND524 billion ($22.6 million) to increase its ownership of the confectionary company to 98.3 percent.It said it bought 7.4 million shares at VND71,000. PAN Group first invested in Bibica in early 2015.
By March this year it had increased its stake in the company to 58.94 percent through a subsidiary, PAN Food JSC.
It failed to buy out the company in 2019 when it made an offer price of VND68,500 per share, but succeeded after raising its bid by 3.6 percent to VND71,000.
South Korean conglomerate Lotte also showed interest in Bibica, in which it owned a 44.03 percent stake, but sold out in 2020 after years of competing with PAN.
The PAN management considers Bibica as a key part in its food business and important to its feed-farm-food strategy.
In the first quarter of 2022 Bibica reported post-tax profits of VND130 billion, the highest since its listing and a 17-fold rise year-on-year.
PAN has forecast a bright outlook for the confectionery industry this year thanks to recovering demand.
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