HANOI: Vietnam Livestock Corporation JSC (VLC) announced that it allowed local food maufacturer GTNFoods (GTN) to buy a 65 per cent stake in the company at the 2016 general shareholder meeting.
VLC plans to increase its chartered capital from more than VNĐ600 billion to about VNĐ1.3 trillion by selling shares to existing shareholders. Currently the Ministry of Agrculture and Rural Development is its largest shareholder, with a 77 per cent stake in the company. GTN was the second largest shareholder, with nearly an 8 per cent stake. Based in Hà Nội, the firm specialises in trading livestock and poultry and in animal feed production.
According to VLC, the increased capital will allow further investment to meet the competition in the context of Viet Nam joining the Trans Pacific Partnership. The board plans to pay a 6.5 per cent cash dividend for 2015 and 2016. VLC rose about 2 per cent to end at VNĐ17,800 per share on the unlisted market of UPCoM yesterday.
