December 12, 2011

Guangdong Haid subsidiary to buy Vietnamese aquatic feed firm

Guangdong Haid Group Co Ltd stated on December 8 that its subsidiary will buy a 100% stake in a Vietnam-based aquatic feed company for US$3.8 million.

After the acquisition the Vietnam-based company will issue new shares and Guangdong Haid Group's subsidiary will subscribe to 70,000 of them for US$12 million. Another company will subscribe to 30,000 new shares for US$3 million.

Following the share issuance Guangdong Haid Group's subsidiary will hold an 80% stake in the Vietnam-based company and the other investor will hold a 20% stake. Guangdong Haid aims to expand its business through this deal.