The Hochiminh Stock Exchange (HOSE) has received Nawaplastic’s registration to buy shares of Binh Minh Plastics, coded BMP, VnEconomy reported. Nawaplastic is now holding a 20.4% stake in the Vietnamese company with nearly 16.6 million shares.

If the deal is successful, Nawaplastic’s stake in Binh Minh Plastics will be increased to 49.91%, or 40.7 million shares.

The State Capital Investment Corporation (SCIC) has also announced to auction 24.1 million BMP shares via the Vietnam Securities Depository (VSD), which is scheduled for March 9. Each investor can register to buy at least 20,000 shares offered by SCIC.

With a starting price of VND96,500 per share, the Thai firm will need to spend at least VND2,325 billion acquiring the 29.51% stake in Binh Minh Plastics.

Nawaplastic was earlier reported to sell all 21.3 million shares of Tien Phong Plastic Joint Stock Company, around 24% ownership, generating some VND1.502 trillion.

According to the 2017 unaudited financial report of Binh Minh Plastics, its revenue was VND4.057 trillion, rising by 10.2% on year thanks to a 15% pickup in consumption. However, the company saw its after-tax profit fall by 25% against 2016 to VND471 billion, which is attributed to high capital costs and intense competition from new rivals.