Japan’s Nippon Steel & Sumikin Bussan Corp has acquired a 10.54 per cent holding in Ho Chi Minh City-based steel processor QH Plus while Vietcombank is selling its shares in other lenders to meet the legal requirement of consolidation.

Japan’s Nippon Steel & Sumikin Bussan acquires 10.54% of QH Plus Tokyo-based Nippon Steel & Sumikin Bussan Corp, the trading arm of Japan’s largest integrated mill Nippon Steel & Sumitomo Metal Corp, has acquired a 10.54 per cent stake in Vietnamese steel producer QH Plus Corp for an undisclosed amount.

The investment will assist QH Plus increase its processing capacity as well as broaden its presence in international markets, the company said in a statement.

QH Plus processes and distributes rebar, coils and construction steel to local partners, mainly property developers. In 2015, the company had also sold a 23 per cent stake to Japanese housing equipment trading company Koizumi.

Source: https://www.dealstreetasia.com