TIẾNG VIỆT South Korean firm seeks majority stake in Vietnam’s Mercedes-Benz dealer: VNExpress
Photo: Mercedes-Benz Vietnam
In a Tuesday press release Haxaco said it has set up a team to negotiate the offer from The Class Hyosung, also a Mercedes-Benz dealer.
The Class Hyosung has offered to pay $1.96 per share for the stake, while Haxaco wants $2.16.
The announcement increased Haxaco’s HAX stock value on the Ho Chi Minh Stock Exchange by 6.7 percent from Monday to 82 US cents Tuesday.
Haxaco’s management board began looking at legal requirements to increase the foreign ownership cap in the company from 49 percent to 100 percent in August. The increase is set to be presented to shareholders for approval.
Haxaco posted revenues of $99.3 million in the first half of 2019, with car sales accounting for 92 percent. Its pre-tax profit was around $1.64 million, down 14 percent year-on-year.
Source: VNExpress
