SCG Packaging acqiires listed Vietnamese company
SCG Packaging Pcl (SCGP) has finalised its acquisition of Bien Hoa Packaging Joint Stock Co (SOVI), a listed company in Vietnam that specialises in corrugated box and offset laminated packaging
SCGP informed the Stock Exchange of Thailand (SET) on Friday that it has acquired 12,076,587 shares, or a 94.11 per cent stake, in SOVI from the existing shareholders at the price of 171,450 dong per share, which is equivalent to the total payment of 2.07 trillion dong, or approximately Bt2.70 billion.
"This purchase is through TCG Solutions Pte Ltd, which is a wholly owned subsidiary of Thai Containers Group Co Ltd (TCG), a 70:30 joint venture between SCGP and Rengo Co Ltd, Japan," SCGP chief executive officer Wichan Jitpukdee said.
"The balance sheet consolidation of SOVI will be as at the end of 2020, while the financial performance will be consolidated from January 2021."
SOVI is a leading fibre- based packaging company whose clients are mainly well-known consumer brands.
"With three manufacturing facilities near Ho Chi Minh City, in southern Vietnam, this acquisition will enlarge SCGP’s customer base particularly in food, beverage and FMCG segments and reinforce internal integration with its packaging paper manufacturing," Wichan added.
Over the last 12 months, SOVI recorded revenue of 1.61 trillion dong (Bt2.1 billion), net profit after tax of 156 billion dong (Bt200 million) and had assets of 1.05 trillion dong (Bt1.38 billion) at the end of the third quarter.