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Vinafood 1 to divest from subsidiaries

Released at: 10:37, 02/03/2015

Vinafood 1 to divest from subsidiaries

On 30 March Vinafood 1 will conduct auctions as part of divestment plan.

by Hung Nguyen

The Vietnam Northern Food Corporation (Vinafood 1) is to divest from the Hanoi-Nam Dinh Beer Joint Stock Company on March 20, selling 86,940 shares at a starting price of VND11,460 ($0.54) per share. The company has some VND20 billion ($952,380) in equity and mainly works in making and trading of beer, wine and other alcoholic beverages, and manufacturing and processing food, and has interests in restaurants, hotels and travel, among others.

On the same day, Vinafood 1 will also divest from the South Salt Group, selling 177,847 shares at a starting price of VND11,110 ($0.52) per share. South Salt Group is a State-run enterprise to be equitized in accordance with a decision of the Ministry of Agriculture and Rural Development, has more than 14 affiliates and associates companies, and operates in Khanh Hoa, Tien Giang and Ben Tre provinces. It is one of the leading enterprises producing and processing salt in Vietnam, producing hundred of tons annually to meet all requirements, from raw salt, clean salt, and preliminarily processed salt to high quality products such as soup flour, dried refined salt, and high quality refined salt.

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