Myson Group Inc has reached an agreement to acquire 50.9% of Vietnamese firm Van Phuc Holding Building and Trading JSC. Myson is a US-based mining firm which recently changed its name from Vanguard Mining Corporation. Van Phuc Holding engages in several business activities, including building and construction, infrastructure, mining, real estate and trading.
In a reverse takeover, the beneficiary shareholders of Van Phuc Holding will hold 85% of all the issued and outstanding stock of Myson Group as a result of this transaction.
In a statement Myson Group said, “Established in 2009, Van Phuc Holding is a profitable company and expects to generate $50 million in revenues and $10 million in net profits within one year after the acquisition.”
Myson Group chairman and CEO Son Duong said, “We believe the acquisition of Van Phuc Holding’s stake will immediately reposition Myson Group as a profitable company, and allow us to build on the operational strengths and network capabilities of both companies as we realign our business activities to maximize value for our shareholders and all other stakeholders.”
Myson Group was established in 1987 and has been engaged in developing mineral properties in South East Asia. The company is developing a calcium carbonate mine in Quang Binh Province, northern central Vietnam and is also investigating other mineral assets in South East Asia, including Cambodia, Indonesia and Laos.
In January this year, the company, as Vanguard, announced its partnership with Vietnam’s 20-7 JSC, to provide granite and other construction materials in the Vietnamese and export markets, especially to Singapore.