Masan’s meat unit to be traded on unlisted market

By Dat Nguyen   December 4, 2019 | 10:00 pm PT
Masan’s meat unit to be traded on unlisted market
A box of MeatDeli pork produced by Masan MeatLife. Photo courtesy of Masan MeatLife.
Masan Group is set to list its meat producing subsidiary MeatLife on the Unlisted Public Company Market on December 9.

The Hanoi Stock Exchange has approved the listing of 324 million MML shares on UPCoM at a reference price of VND80,000 ($3.46), giving it a market cap of VND26 trillion ($1.12 billion).

Masan MeatLife was established in 2011 as Masan Nutri-Science with a charter capital of VND10 billion ($432,300), which has since increased to VND3.24 trillion ($140 million).

Masan Group, which owns a 79 percent stake in it, changed its name in July as part of a plan to introduce a new meat brand in the market.

Its products are sold through 410 retail outlets in Hanoi and Ho Chi Minh City, including VinMart, a supermarket chain owned by Vingroup that will soon be merged into the Masan ecosystem.

Masan Meatlife saw revenues rise by 0.7 percent year-on-year in the first nine months of this year to VND10.1 trillion ($436.6 million) amidst rising pork prices after African swine fever broke out in Vietnam resulting in the culling of 5.9 million pigs.

Masan Group expects meat to be a main driver of growth in the next three to five years with revenues of $1 billion.

In Vietnam, UPCoM serves as a bourse for unlisted public firms.

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