Samsung Engineering acquired a 24 percent share of DNP Water, a Vietnamese water supply company, for $41 million, the Samsung affiliate said Thursday.
The goal is to enter the local water treatment market and, by extension, the Southeast Asian market, said Samsung Engineering.
With the deal, the engineering and construction company became DNP Water’s second-largest shareholder. DNP Holding owns 53 percent of the company as the largest shareholder.
DNP Water, spun off from the plastic manufacturer DNP in 2017, is Vietnam’s largest water treatment company in terms of treatment capacity, according to Samsung Engineering.
The companies held a signing ceremony in Hanoi, Vietnam, attended by Samsung Engineering Executive Vice President Kang Gyu-yeon and DNP Water Chairman Ngo Duc Vu.
The water treatment business is part of Samsung Engineering's green infrastructure business portfolio.
"Aligned with the recent global environmental, social, and governance [ESG] trend, our environmental business is positioned as one of our company's future growth engines," Kang said. "Samsung Engineering plans to […] grow in the global environmental markets such as in Asia, by successfully executing our environmental businesses in Vietnam.”
Kospi-listed Samsung Engineering is 11.7 percent owned by its largest shareholder Samsung SDI, 7.0 percent by Samsung C&T and 1.5 percent by Samsung Electronics Vice Chairman Lee Jae-yong.
BY SHIN HA-NEE [email@example.com]
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