Japanese firm acquires Fecon Mining
Asia Pile Holding, through its member Phan Vu Investment Corporation, will purchase 20.91 million of FCM stocks, equivalent to 51 per cent of Fecon Mining JSC, the largest pre-stressed concrete pile producer in the north of Vietnam.
Fecon Mining JSC (code: FCM) has just announced documents for the general shareholders’ meeting taking place on September 10. Accordingly, the company will seek shareholders' opinion on the selection of strategic shareholders.
Fecon Mining said that its strategic partner must be a firm with strong financial resources and expertise in the pile sector.
According to the statement, Fecon Mining’s Board of Directors has approved the selection of Phan Vu Investment Corporation as a strategic investor. Phan Vu will receive 20.91 million of FCM shares, equivalent to a 51 per cent stake. The transaction will be made through the stock market.
Asia Pile Holding will purchase 51 per cent of Fecon Mining through the stock exchange
Phan Vu Investment Corporation was established in 1997 with the charter capital of VND290 billion ($12.8 million) and specialising in the production and construction of prefabricated concrete.
In 2010, Phan Vu received investment capital from Japan Pile Corporation, a Japanese Corporation specialising in providing pre-stressed concrete piling solutions to developing countries in Asia.
In 2015, Phan Vu, in collaboration with Japan Pile and Myanmar’s V.J.P., established Asia Pile Holding based in Tokyo (Japan) and its stock has been listed on the Tokyo stock exchange.
On the Ho Chi Minh City Stock Exchange, the price of the FCM ticker was around VND6,000 ($0.26) apiece. It rose to the ceiling after the information on the strategic shareholder was disclosed.
Fecon Mining was a subsidiary of Fecon Corporation, one of the largest underground construction companies in Vietnam. The company is executing projects such as the Hoa Phat-Dung Quat Steel complex, the VinFast manufacturing plant complex, and AEON Hadong.
Earlier, on August 9, Phan Vu and Fecon signed the comprehensive co-operation agreement to establish a leading manufacturing and executing alliance in Vietnam and reach out to the Asian market.
- RoK’s rural development group to invest in smart farming in Vietnam (15/07/2019)
- FDI reaches record level in four months (08/07/2019)
- Powering 220 kV Southern Sai Gon - Urban District 8 transmission line (27/06/2019)
- EVFTA Press Release - Official Announcement from the EU (26/06/2019)
- PM calls on Korean investors to expand operations in Vietnam (12/11/2018)
- E-commerce golden pass for logistics (12/11/2018)
- Hoa Phu Industrial Park - The destination of success (12/11/2018)
- Long Thanh airport’s feasibility study approved (12/11/2018)
- Renewable energy projects spur foreign investment surge (02/11/2018)
- New innovation centre to provide grounds for Vietnam 4.0 (02/11/2018)
- National Assembly set to ratify historic trade deal (02/11/2018)
- Overseas financiers outline obstacles (02/11/2018)
- Moody’s upgrades ratings on Vietnamese banks (01/11/2018)
- Foreign investors expand networks in Vietnam (01/11/2018)
- Altus Capital funded to invest in distressed Southeast Asian companies (01/11/2018)
- More FDI to reach southern region (01/11/2018)
- Foreign fashion giants set footprint in Vietnam through M&A (31/10/2018)
- Vietnam should be Samsung’s biggest global strategic hub: PM (31/10/2018)
- New-generation FTAs offer FDI firms more rights in Vietnam (31/10/2018)
- Foreign firms shift to Vietnam due to US-China trade war (31/10/2018)
- Key infrastructure projects calling for investment in HCMC (08/07/2019)
- Bac Ninh licenses 116 FDI projects in seven months (22/08/2018)
- Binh Phuoc licenses 24 projects worth $1 billion (22/08/2018)
- Hue targets $56mil in investment this year (15/08/2018)
- Hanoi seeks approval for Vingroup’s $300 million IT park (31/07/2018)
- List of Project Calling For Investment in Lam Dong Province in 2018 (31/07/2018)
- Kien Giang calls for investment in 12 resort projects (31/07/2018)
- Decree amendments open paid TV firms to foreign investment (30/07/2018)
- Vietnam: Opportunities in the Waste-to-Energy Sector (24/07/2018)
- Can Tho City seeks investment for 54 projects worth $5.4 billion (20/07/2018)
- Hoa Lac High-tech Park aims for $1 billion investment in 2018 (19/07/2018)
- Large-scale undersea tunnel to be constructed next year (19/07/2018)
- Map of industrial parks in Vietnam (23/07/2019)
- 493 Projects Invested in Nghi Son Economic Zone and Industrial Zones (09/02/2018)
- Thai Binh Strives to Attract Investment Capital of VND 5000 billion in Industrial Parks and Economic Zones (07/02/2018)
- Vinh Phuc Adds 4 New FDI Projects in Industrial Zones (07/02/2018)
- Dung Quat EZ and Quang Ngai IPs Attracted 258 Projects with a Total Investment Capital of More Than US$ 11 Billion (30/01/2018)
- Solutions to attract Investment Capital into Industrial Parks in Bac Giang Province (19/01/2018)
- Nghi Son Economic Zone and Industrial Zones Received 66 new Investment Projects (08/01/2018)