Masan denies mobilising investment in animal feed segment

18-May-2021 Intellasia | VIR | 6:54 AM Print This Post

Local food giant Masan denied news about its $1 billion capital mobilisation in animal feed published on Bloomberg recently.

Right after the US newswire disclosed the information a few days ago, local media cited a Masan representative as saying that the company had no plans to invest in the husbandry and feed industries.

Bloomberg on May 13 posted news that Masan is looking for solutions such as selling shares to its strategic partners to call for a $1 billion investment in the animal feed. The newswire stated that Masan has been working with its investment consultants to discover plans to introduce the animal feed segment, which will be under the management of its subsidiary Masan MEATLife.

In addition, the other source also revealed that Masan is considering staging an initial public offering (IPO) for its subsidiary managing the animal feed business. For now, talks were in the initial phase and no results have been reached yet.

Masan, to date, has denied commenting on information relating to the IPO.

The food manufacturer became known across Vietnam in 2019 when it officially acquired majority ownership in Vincommerce local conglomerate Vingroup’s retail and agricultural subsidiary.

Amidst the COVID-19 resurgence, Masan announced opening 700 new VinMart+ convenience stores to raise the total number of outlets to 3,000 across the country.

The group recently published its financial report for 2021′s first quarter. It recorded VND19.977 trillion($868.5 million) in revenue, up 13 per cent on-year, and VND343 billion ($14.9 million) in after-tax profit, far better than the VND216 billion ($9.39 million) deficit in the past year.

https://www.vir.com.vn/masan-denies-mobilising-investment-in-animal-feed-segment-84210.html

 

Category: Business, Vietnam

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