HANOI – Vietnam National Steel Corporation (VNSteel) has cut a deal to buy a stake of 85% in a zinc-coated steel sheet factory under Lilama Hanoi, the broker of the deal said.
VPBank Securities Co. said that it has succeeded in consulting the merger & acquisition deal worth VND579 billion, or US$30 million, between Lilama Hanoi and VNSteel.
Under the deal, VNSteel via another legal entity buys the controlling stake in the factory in Quang Minh Industrial Park in Hanoi City.
Ngo Cong Cuong, general director of Lilama Hanoi, said that given the deal, Lilama Hanoi could retrieve capital to invest in its core business of construction while VNSteel can save time to invest in infrastructure as well as can take advantage of the company’s existing distribution network in the north.
Nguyen Lam Dung, deputy general director of the securities company, said that this was a typical consulting deal conducted by the company this year.
“VPBS has suggested a reasonable scheme for the deal satisfying each of the two participants and ensure economic benefits for the new enterprise established from the M&A deal,” he said.
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