BAF Vietnam to acquire majority stake in livestock company
HCMC – BAF Vietnam Agriculture Joint Stock Company (BAF) will acquire 717,282 shares, or a 99.9% stake, in Kim Hoi Livestock Manufacturing and Trading Joint Stock Company.
The BAF management board has passed a resolution on the stake acquisition, assigning BAF general director to take charge of the deal and shareholding management, the local media reported.
Kim Hoi Livestock Manufacturing and Trading Company, established on February 22, 2016, is active in the pig farming sector. The firm is located in Tan Hiep Ward, Bien Hoa City, Dong Nai Province in southern Vietnam.
In another development, BAF Vietnam plans to issue VND600 billion worth of bonds via a private placement between now and the first quarter of next year.
Between January and September this year, BAF Vietnam had seen its revenue down over 46% and after-tax profit up 16.8% year-on-year at some VND4.8 trillion and VND286 billion, respectively.
The company expects to earn VND5.95 trillion in revenue and VND402 billion in after-tax profit this year, contracting 43% and rising 24.8% compared to the year-ago figures.
BAF stock ended in positive territory today, December 1, soaring 5.98% over the session earlier to VND18,900.
The benchmark VN-Index of the Hochiminh Stock Exchange slid 12.14 points, or 1.16%, against the previous session over strong selling pressure at 1,036.28, with 281 advancers and 166 decliners.
Trade on the southern bourse improved nearly 18% in volume and 22% in value versus yesterday at more than 1.3 billion shares and over VND21.8 trillion, with some VND1.5 trillion worth of shares traded in block deals.
Many stocks in the VN30 basket reversed course as the number of losers amounted to 19 while that of winners remained at nine. Of them, real estate developer VIC was the biggest decliner in the group, plunging 5.2% to close at VND66,000.
Property developer NVL led the HCMC market by liquidity, with close to 75 million shares changing hands. NVL closed unchanged at VND23,350 after it surged to its upper limit in the morning phase and then experienced strong profit-taking pressure.
The HNX-Index of the Hanoi exchange gained 2.22 points, or 1.06% versus yesterday, at 221, with 140 stocks rising and 58 others dipping.