RongViet Securities Corp. reportedly plans to sell 50 percent of stake
RongViet Securities Corporation plans to sell 35 million shares to confectionery company Kido and its shareholders for VND350 billion (US$15.33 million) this year, Saigon Times Online reported on Monday.
The plan, which is part of RongViet's effort to double its capital, is expected to be discussed and approved at the company's upcoming shareholder meeting on October 22, the news website quoted an unnamed source as saying.
After posting huge losses in 2011 and 2012, the securities company originally planned to increase its capital last year but negotiations with interested investors fell through.
Its net profit in the first six months of this year was estimated at VND7 billion ($306,000), down 19 percent from the same period last year.
It was at least the second big M&A deal that Kido, a joint-venture between Vietnam's Kinh Do Corporation and US's Mondelēz International was reported to be involved in.
The US investor bought 80 percent of the Vietnamese giant for $370 million last November.
In July local media reported that Kido planned to buy 100 million shares in DongA Bank, but it later backed out, reportedly after finding that the bank had "too many problems."