Japanese steel firm Kyoei Steel has registered to purchase two million shares in Viet-Italy Steel JSC (VIS) to increase its ownership to 70.42 percent.

Kyoei now holds 50 million shares of the Vietnamese steel producer or 67.7 percent of the firm’s capital. Transactions will be carried out between July 19 and August 16, 2018.

Kyoei became the strategic partner of VIS in late 2017 after buying more than 14.7 million shares, or 20 percent ownership, from the previous shareholder of VIS – Thai Hung Company.

In May 2018, the Japanese firm purchased another 33.2 million VIS shares from Thai Hung Company and replaced the latter as the strategic investor of VIS with 65 percent ownership.

In early July, Kyoei completed the purchase of another two million VIS shares via the put-through method to increase its stake in VIS to the current 67.7 percent.

Viet-Italy Steel JSC is listed on the Ho Chi Minh Stock Exchange under code VIS. The company shares inched up 0.3 percent to close Wednesday at VND30,000 (US$1.33) per share

Source: http://www.vir.com.vn