Masan Consumer Corporation, the consumer goods arm of the food conglomerate, recently said it paid over VND550 billion ($23.69 million) at VND48,000 ($2.07) per share for the stake in NETCO. 

NETCO, which has a 1.5 percent share of the home and personal care (HPC) market and around 300,000 points of sale, would provide it with a strategic entry point into the HPC market, Masan said. 

The HPC market is one of the largest and most attractive consumer segments in Vietnam with sales of $3.1 billion and opportunities to develop local power brands. 

The acquisition also aligns with Masan’s five-year strategy to broaden its product portfolio, it said in the statement. 

NETCO, established in 1972, is a leading manufacturer of household and washing products. In 2019 its net revenues were VND 1.16 trillion ($49.96 million). Its after-tax profit was over VND80 billion ($3.45 million), up 42.3 percent from the previous year.

It has two popular laundry detergent brands, NET and NETSOFT. 

According to the Hanoi Stock Exchange, where NETCO’s shares are listed, the company’s shareholding structure underwent many changes last year. 

In July state-owned chemical giant Vinachem, NETCO’s biggest shareholder, reduced its stake from 51 percent to 36 percent as part of a state divestment program. 

In September Finland’s Jom Silkkitie Asia Equity Investment Fund reduced its holding from 5.29 percent to 3.57 percent. In December Bahamas-based America LLC sold off its entire 9.33 percent stake.