Vietnam group TTC plans US$600m S'pore listing of sugar unit

Ho Chi Minh City

VIETNAM'S TTC Group, a sugar, energy and real estate conglomerate, is stepping up production of the sweetener and seeking new investors as it gears up for a Singapore listing of one of its sugar units in five years that would raise about US$600 million.

Ahead of the planned share sale, the group's Thanh Thanh Cong Tay Ninh SC or TTC Sugar, will merge with another sugar company to create a combined entity worth US$200 million and Vietnam's largest sugar company, group officials said. TTC vice-chairwoman Dang Huynh Uc My, who has relocated to Singapore to spearhead the sugar unit's listing, declined to identify the local merger partner but said that the deal would be completed early next year.