TTC Group is pushing sugar production and seeking new investors to speed up the listing one of the sugar subsi...
TTC Group is pushing sugar production and seeking new investors to speed up the listing one of the sugar subsidiaries of group in Singapore Stock Exchange with capital about USD 600 million in the next 5 years, Bloomberg said.
Before public offering, Thanh Thanh Cong Tay Ninh Sugar JSC – TTCS (HOSE: SBT) will be merged into the Vietnamese biggest sugar company with USD 200 million value, representative of TTC said in the interview. Vice Chairlady of Group, Ms. Dang Huynh Uc My, the person who is in charge of listing company in Singapore denied the partner who will be merger with TTCS, but she revealed the merge will be invested in the early next year.
“We aim to become a global player, thus we wanted to list in Singapore,” Chief Executive Officer Thai Van Chuyen said in an interview in the company’s headquarters in Ho Chi Minh City. The company has already expanded its sugar operations beyond Vietnam to Cambodia and soon to Laos, he said.
As a sugar supplier for Vinamilk JSC (VNM) and KIDO Group, TTC Group is aiming to increase sugar productivity. The Group is buying a factory with capacity is 70,000 ton and 6,000 hectare of cane growing land from Hoang Anh Gia Lai JSC (HAG). The USD 100 million value trading proposed to be finished in October, 2016. The factory is going to start in December and the productivity forecasted to increase 5 times with one third of capacity will be exported in Europe in the next 5 years, Ms My said.
Vietstock