HANOI: Myson Group Inc, a US-based mining firm which has just changed its name from Vanguard Mining Corporation since June 8, has announced that it has reached an agreement to acquire a 50.9 per cent ownership in Vietnamese firm Van Phuc Holding Building and Trading JSC , in exchange for common stock of Myson Group.
Van Phuc Holding Building and Trading JSC engages in several business activities that include -building and construction, infrastructure, mining, real estate and trading.
In a reverse takeover, the beneficiary shareholders of Van Phuc Holding will hold 85 per cent of all the issued and outstanding stock of Myson Group Inc as a result of this transaction, which is expected to be closed on June 30.
“Established in 2009, Van Phuc Holding is a profitable company and expects to generate $50 million in revenues and $10 million in net profits within one year after the acquisition,” Myson Group Inc said in an announcement.
Myson Group Inc is preparing to upgrade its stock listing to the NASDAQ Stock Markets in the near future.
The company’s new website is expected to be updated with all of the developments, after the closing of the acquisition.
Son Duong, chairman and CEO of Myson Group, commented: “We believe the acquisition of Van Phuc Holding’s stake will immediately reposition Myson Group Inc as a profitable company, and allow us to build on the operational strengths and network capabilities of both companies as we realign our business activities to maximize value for our shareholders and all other stakeholders.”
Myson Group was established in 1987 and has been engaged in developing mineral properties in Southeast Asia.
The company is developing a CaCO3 mine in an area of 190 acres in Quang Binh Province, northern central Vietnam, according to data compiled by Bloomberg. It is also investigating other mineral assets in Southeast Asia, including Cambodia, Indonesia, and Laos.
In January this year, the company – then Vanguard Mining Corp – had announced its partnership with Vietnam’s 20-7 JSC, to provide granite and other construction materials in both the Vietnamese and export markets, especially to Singapore.
Under the agreement terms, Vanguard Mining will invest in the Vietnamese partner to develop, mine, process and sell granite and other construction materials and will be responsible for dealing with the export markets.
DEALSTREETASIA has learnt that Son Duong is currently the chairman of Vietnam-incorporated MySon Group, the parent unit of Van Phuc Holding. He must have replaced Jalani M Haniffa to be Myson Group Inc’s president post the deal.
MySon Group Inc also has two other Vietnamese on the executive board, Hai Le as chief finance officer and Hoang Vo, a director of the company.
