Japanese auto giant Toyota acquires 35% stake at Vinaconex’s power arm

Xuan Thinh Tuesday | 11/17/2020 12:52


Toyota Tsusho, a trading arm of Toyota Group, has acquired 35 percent stake in Northern Power Development No.2, a unit of Vinaconex, according to a statement posted on the power firm’s website.

The Northern Power Development No.2 (UPCoM: ND2) got shareholders’ approval to transfer 35 percent stake, or nearly 17.5 million shares to Japan's largest automaker’s unit after an extraordinary general meeting of shareholders.

At the meeting, ND2 shareholders also agreed to adjust the business line including electricity production, construction of electricity projects.

The power firm’s shareholder structure changed significantly when Bao Viet Life Corporation withdrew all 4.9 million shares, or 9.8 percent.

General Director Ung Hong Van sold all 416,052 shares, while Chief Accountant Dinh Tuan Anh sold all 375,300 shares and Deputy General Director Nguyen Hai Dang sold 113,085 shares.

Toyota Tsusho was established in 1948 in Japan. This is a general trading company belonging to Toyota Group, Japan’s largest automaker.

Toyota Tsusho’s main businesses include auto trading, mining, logistics, machinery, energy, chemicals and electronics, food and consumer services.

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