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Chasen to buy 30% stake in Vietnam unit for 6.665b dong
CHASEN Holdings has agreed to buy the remaining 30 per cent stake it does not already own in its unit, Chasen Transport Logistics Company (Vietnam) (CTL), for 6.665 billion dong (S$387,000).
The 30 per cent stake is currently held by an individual, Vo Quoc Vu. Chasen owns the remaining 70 per cent of CTL via its wholly-owned subsidiary, Ruiheng International. Chasen wants full control of CTL to "set a new direction for the Vietnam market", the Mainboard-listed company said in a Thursday bourse filing.
The acquisition is not expected to have any material impact on Chasen's performance for the financial year ending March 2020.
Shares of watch-listed Chasen closed flat at S$0.078 on Thursday.