Bahamas investor sells off stake in Vietnamese detergent company

The Bahamas-based company made over VND110 billion ($4.74 million) from the deal, which ended its three-year association with the producer of the NET brand of detergent.

Vietnam National Chemical Group (Vinachem) had reduced its stake in NETCO from 51 percent to 36 percent in July.

Finland’s Jom Silkkitie Asia Equity Investment Fund had pared its ownership in the company from 5.29 percent to 3.57 percent in September.

NETCO, established in 1972, listed on the Hanoi Stock Exchange in 2010. Its NET stock traded at VND48,500 ($2.1) Wednesday morning, up 9 percent from Tuesday.

In the first nine months of the year its revenues fell 1.5 percent year-on-year to VND817 billion ($35.2 million), mostly from sales of detergent powder, dishwashing liquid and fabric softener.