CosmoSteel's (SGX:B9S) wholly owned subsidiary, Kim Seng Huat Hardware, agreed to subscribe for 488,710 new shares in SRE Holdings Investment and Development Joint Stock Company's charter capital.
The subscription was executed at a par value of 10,000 Vietnamese dong per share, according to a Friday filing with the Singapore Exchange.
The total consideration for the transaction amounts to about 53.7 billion dong, representing a 16.2% stake in SRE HoldCo's enlarged issued share capital.
CosmoSteel expects the move to allow it to diversify its sales channels and tap into the Vietnamese wind energy market
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