Nam Viet Joint Stock Company (Navico), the biggest tra and basa catfish exporter in Vietnam, has applied for listing its all 66 million shares on Hochiminh Securities Exchange (HOSE).
Navico is now the biggest seafood company with registered capital of VND660 billion. It takes the lead in production, revenue and profit making.
The statistics from Ministry of Fishery showed that Navico ranked first among top ten tra and basa catfish exporters with export revenue of US$111 million in 2006.
At present, Navico acquires 20.7 per cent of tra and basa export market share, followed by Vinh Hoan Corp with a 5.4 per cent market share.
The An Giang-based company now has three basa processing plants, one fish oil and paste processing plant, and one packing plant. It has sole distributors in the EU countries, the main export market.
Last year, Navico reported revenue of VND2.7 trillion and net profit of VND266.3 billion, on-year increase by 123.3 per cent and 267.8 per cent, respectively.
Navico netted profit of VND169 billion in the first fours months of 2007 and expects to gain VND450 billion for the whole year, of which US$200 billion comes from exports.
The company plans to export market to 60 countries.
In June, Navico sold 10 per cent stake in an initial public offering at average price of VND113,234 a share, raising total US$42 million.
Foreign investors are holding 18 per cent stake in the firm, including big institutions such as Prudential Vietnam, Deutsche Bank AG, Dragon Capital, KITMC, Vietnam Partner, and PXP. (Market)
Vietnamese
