Japan's Nihon Housing picks up 80% holding in sale.
The PAN Group announced on March 9 that it has sold 80 per cent of its holding in PAN Service to Japan’s Nihon Housing Company Limited.
“The main reason for the PAN Group’s divestment from industrial hygiene is to transform its operational model to concentrating on food and agriculture,” said Mr. Nguyen Duy Hung, Chairman of the PAN Group’s Board of Directors.
He confirmed that the Japanese partner will continue with the PAN Service name and that the PAN Group would retain a 20 per cent holding at this time with a view to withdrawing completely at a later date.
With 7,000 staff, PAN Service is expected to enhance its capacity under Nihon Housing, increasing employee incomes and operating more successfully in Vietnam.
PAN Group will continue seeking other potential partners in agriculture.