Vietnamese food and agriculture firm PAN Group Jsc has sold a 10 percent stake to Japan’s Sojitz at a price of VND61,000 ($2.61).
The private placement of 13.4 million shares fetched PAN almost VND820 billion ($35.14 million) and increased its charter capital to VND1.34 trillion ($57 million).
The money will allow PAN to pursue acquisitions in the agricultural sector and food industry.
The company eyes M&A deals that will ensure revenue growth of 70 percent and profit growth of 50 percent per year.
Its revenue and net profit targets for this year are VND8.77 trillion ($376 million) and VND538 billion ($23 million).
Vietnam is a major exporter of a range of farm produce including rice, coffee, pepper, and cashew.
The country is currently ranked second in Southeast Asia and 13th in the world in agriculture production, according to Minister of Agriculture and Rural Development, Nguyen Xuan Cuong.
Vietnam exported about $36.37 billion worth of agriculture and fisheries products last year.