V.S. International Group Limited (SEHK:1002) agreed to acquire 43.29% stake in VS Industry Vietnam Joint Stock Company from Beh Kim Siea for HKD 31.54 million on February 21, 2024. Under the terms, V.S. International shall pay HKD 12 million in cash and issue 203.6 million shares as consideration. Prior to the transaction, V.S. International Group Limited (SEHK:1002) held 18.74% stake.

VS Industry Vietnam reported net profit after tax of HKD 13.97 million and net asset value of HKD 60.29 million as on July 31, 2023. An Independent Board Committee has been established for the transaction. Completion is subject to approval of shareholders of V.S. International Group, listing of consideration shares, approval of Industrial Zones Authority of Bac Ninh province, due diligence.

The long stop date is September 30, 2024. Gram Capital Limited acted as financial advisor for V.S. International Group.