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DPM - BUY - Bright outlook on Ca Mau plant deal - Initiation

DPM is the leading producer and distributer of urea in Vietnam with capacity of 800 thousand tonnes/year. DPM shareholders approved plans to enter into negotiations with Petro Vietnam (PVN), its parent company, to acquire PVN’s 51% stake in the new Ca Mau fertiliser plant (DCM). With DCM, the Company’s total capacity would double to 1.6 million tonnes/year, enough to supply about 84% of domestic demand.