After more than a month of selling capital at NEDI2, Vinaconex announced that it would publicly offer to buy nearly 7 million ND2 shares in order to regain dominant power in this business.
The Board of Directors of Vietnam Construction and Import-Export Joint Stock Corporation (Vinaconex – Ticker: VCG) has just issued a resolution approving the public tender offer for shares of Northern Power Development Investment Corporation (NEDI2, code: ND2) .
Specifically, Vinaconex wants to offer to buy nearly 7 million ND2 shares, equivalent to 13.76% of the actual contributed charter capital of NEDI2. If this tender offer is successful, the ownership rate of Vinaconex in the above enterprise will increase to 52%, officially returning to become the parent company of NEDI2.
Notably, earlier, on January 7, Vinaconex announced that NEDI was not on the list of subsidiaries after successfully transferring nearly 17.5 million ND2 shares, reducing the ownership rate from 73.24% to 38 , 24% of charter capital. At the same time, the NEDI2 side informed that Toyota Tsusho Corporation (TTC) would receive the transfer of the above shares from Vinaconex.
So after just over a month of selling capital at NEDI2, Vinaconex wants to regain the dominant power in this business.
In this tender offer, Vinaconex will use capital from equity and funds to increase the ownership of ND2 shares.
The public bid price will not be lower than the average reference price of ND2 shares announced by the Hanoi Stock Exchange (HNX) within 60 trading days immediately prior to the date of submission of the subscription offer. The specific price will be decided at the time of registering to buy with the competent authority.
Source: vietnambiz.vn – Translated by fintel.vn