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Sugar maker signs contracts with new partner group
21 | 06 | 2007
The Bourbon Tay Ninh Sugar Company (SBT) on Monday signed contracts to sell shares to 17 local and foreign strategic partners in an effort to develop the company’s business.

The strategic partners hold a total of 24 per cent of the company, whose capital stands at VND1.419 trillion (US$88 million).

However, the specific percentage of ownership of each of the partners was not released.

Philippe Lombard, the company’s general director, said the co-operation would help his company grow in the field of investment and production.

The 17 companies, including Vinamilk, Kinh Do, Uni President, Dai Viet Securities Company and VinaCapital were classified into three groups of trade, finance and others.

The sugar company will implement procedures to make the IPO (initial public offering) in June at the latest and list on the stock exchange this year.

SBT was set up in 1995 as a joint venture between the Bourbon Group of France and two Vietnamese partners, with the French group representing 70 per cent of the $28.5 million in chartered capital and its investment capital $95 million.

In 1998 the company increased its chartered capital to $39.5 million and its investment capital to $111 million.

After Bourbon acquired the two partners’ stake in 2000, capital then grew to $112 million and $113 million, respectively.

In March 2007 SBT received a licence from Tay Ninh Province to turn into a joint-stock company.

The company’s activities include making refined sugar, producing power from sugarcane waste to serve its production lines, and providing sugarcane cuttings.

Last year it netted VND193 billion, up from VND121 billion in 2005.

SBT plans to invest $55 million in a thermo-power project of 70 MW capacity, and another $10 million in an ethanol producing project capable of 100,000 litres each working day.

It will also make other investments, including developing sugar farming areas

Viet Nam News
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