Minh Phu to sell 50 pc stake to further develop
Friday, January 30, 2015, 23:50 (GMT + 9)
Major shrimp producer Minh Phu Seafood Corp is planning to sell 50 per cent participation to acquire capital for expansion investment.
The Vietnamese shrimp exporter had to withdraw from Ho Chi Minh City Stock Exchange (HOSE), as under current regulations, foreign investors can hold a maximum of 49 per cent of the shares of listed companies.
Minh Phu sold over 47,713 tonnes of shrimp in 2014, for a total of USD 730.4 million, figures represent increases of 22.9 per cent in volume and 40.58 per cent in value compared to 2013, VASEP reported.
Among the more than 60 countries in which it sells its products, the United States is its largest market, with more than a third of last year’s exports, followed by Japan and Europe.
According to Bloomberg, Minh Phu expects its profits for this year to increase by 55 per cent to over VND 1,416 billion (USD 66 million), and tur... FULL STORY