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PAC plans strategic partnership with Furukawa Battery
Dry Cell and Storage Battery JSC (Pinaco) is seeking shareholders’ approval to choose Japan’s Furukawa Battery Co Ltd as its strategic investor.
After becoming Pinaco’s strategic partner, Furukawa Battery will provide technical support and assistance in sales, while Pinaco will produce products as required by its Japanese partner.
The two sides will foster cooperation through capital contributions by Furukawa Battery in Pinaco. The Japanese firm is entitled to buy additional shares if Pinaco conducts additional share issues and has the right to nominate a member to Pinaco’s management board.
The agreement has a five-year term from the effective date, expected to be inked in the last quarter of this year. The two companies will sign a strategic partnership contract and technology transfer contract by early 2018.
Furukawa Battery became the second-largest stakeholder in Pinaco after the purchase of 4.9 million shares, an equivalent of 10.54 per cent of Pinaco’s capital, in October 2016.
Viet Nam National Chemical Group (Vinachem) is still the biggest shareholder with a 51 per cent stake.
Pinaco is trading shares on the HCM Stock Exchange with a value around VND53,000 (US$2.33) a share.
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