Vietnam HT1 Completes Acquisition of HT2

Vietnam HT1 Completes Acquisition of HT2
15 July 2010

Ha Tien 1 Cement JSC (HT1), listed on the Hochiminh Stock Exchange, announced it took over Ha Tien 2 Cement JSC (HT2).
After the acquisition, HT1 has a registered capital of VND1.98 trillion (US$103.66m), becoming one among 50 biggest stocks in the local stock market.
The firm expects the acquisition will help HT1 increase its cement production and raise competition in the local market.
The merger is part of a larger restructuring plan being implemented by the state-run Vietnam Cement Industry Corporation (Vicem), approved by the government earlier this year.
HT1 targets a pretax profit of VND320 billion ($16.84 million), and a dividend payout equivalent to VND500/share in 2010.
Published under Cement News