TTC Group, a conglomerate whose businesses range from sugar to real estate, is looking to merge with another sugar company soon, and at the same time, planning a Singapore listing for one of its units.
According to Bloomberg, the merger is expected to be completed early next year and will create the biggest sugar producer in Vietnam worth $200 million. The name of the partner has not been disclosed.
The group also plans to raise approximately $600 million by listing one of its sugar units in Singapore.
"We aim to become a global player, thus we wanted to list in Singapore," CEO Thai Van Chuyen was quoted by Bloomberg as saying. He added that the company has expanded its sugar business to Cambodia and Laos will be the next destination.
The group expects its sugar business to generate $35 million of its pre-tax income of $62 million this year. It is also seeking to boost the foreign ownership in TTC Sugar, one of its best perfoming sugar units, to 35 percent from 11 percent during the first quarter of next year.
Singapore has yet to have a listing from a Vietnamese company, Bloomberg reported.
Will a sugar producer become the first Vietnamese company listed in Singapore? Photo from lasuco.co.vn