Minh Hai Jostoco Sells nearly 33 per cent Stake worth US$20Mln
The Minh Hai Jostoco, one of Vietnam’s biggest seafood processor and exporters, on Jul 7 sold 32.74 per cent stake totaling VND325 billion (US$20 million) to four strategic partners during its annual shareholders’ meeting.
The company’s strategic partners comprise Sacombank Securities Company (15.34 per cent), VinaCapital (10 per cent), Eurocapital Securities Company (5 per cent) and Dai Viet Securities Corporation (2.4 per cent).
At the meeting, the shareholders agreed a plan issuing 8.6 million shares at price VND10,000 each, to increase Minh Hai Jostoco’s chartered capital from VND124 billion to VND210 billion.
Minh Hai Jostoco set target to earn US$75 million from exporting 5,500 tons of seafood in 2007. Its net profit is expected to reach VND60 billion (US$3.75 million) at the same year, according to the company’s management board chairman, Nguyen Viet Cuong.
Cuong said the company aims to shift itself into one of the country’s leading seafood corporations with more than 20 subsidiaries and 20,000 employees by 2010.
The company also expected to increase its total revenue to over US$300 million a year by the time.
From now to 2010, Minh Hai Jostoco will focus on building a fish processing plant in Vinh Long province to put it into operation in early next year. (Vietnam Economic Times, VNS)
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