Conglomerate Thaigroup to buy 4.9% stake in HAGL

By Minh Son November 30, 2023 | 06:43 pm PT

A banana semi-processing and packaging facility belonging to Hoang Anh Gia Lai Joint Stock Company in the Central Highlands province of Gia Lai. Photo by VnExpress/Thi Ha

Conglomerate Thaigroup plans to buy a 4.92% stake in agriculture firm Hoang Anh Gia Lai.

Thaigroup, which manufactures cement and develop properties, will purchase 52 million shares of HAGL as part of the latter’s plan to sell 130 million shares in a private placement.

The other buyers are LPBank with a 4.73% stake (50 million shares) and investor Nguyen Duc Quan Tung, 2.65% stake (28 million shares).

HAGL announced on Nov. 23 that it would sell 130 million shares to investors at VND10,000 apiece. The company would fetch VND1.3 trillion if the deals succeed.

It plans to use the money to pay debts and redeem bonds and increase the capital of a subsidiary.

In September last year HAGL wanted to sell 162 million shares at VND10,500 apiece to fetch VND1.7 trillion, but the plan failed as investors canceled their purchases due to unfavorable market conditions.