Khai Hung Co acquires Vietnam firm

Khai Hung Company has acquired a 51 per cent stake, or 10.2 million shares, of Vinaconex Xuan Mai Concrete & Construction JSC (XMC) from Vietnam Construction and Import-Export Joint Stock Corporation (or Vinaconex).

The price of the deal was not disclosed, the Vietnam Securities Depository said in a statement.

Vinaconex earlier planned to sell the same amount of shares of XMC at a minimum price of VND15,012 each, part of its plan to divest from non-core businesses.

XMC now has a registered capital of VND200bn (US$9.43m). It made a net profit of VND21.49bn (US$1.01m) on revenue of VND349.99bn in the first half of this year.