January 2, 2008

 

Vietnam's top shrimp exporter to issue US$13 million in bonds
 

 

Minh Phu Seafood Co., Vietnam's top shrimp exporter announced last week it would issue US$31 million in corporate bonds to restructure corporate debt and fund business projects. 

 

The December 2012 bonds would be sold this month and in the first quarter of next year, with an issue date of

December 31, 2007 and an annual coupon of 9.98 percent, the company said in a statement.

 

The company, based in Ca Mau Province said it aimed to sell the bonds to banks and other Vietnamese institutions.

 

Vietnam International Bank and Au Viet Securities Company are appointed as underwriters. 

 

Minh Phu moved its listing to the Ho Chi Minh Stock Exchange, Vietnam's main exchange, on December 20 from the over-the-counter Hanoi stock market.

 

The company made a net profit of US$7.5 million in the first nine months of 2007, 55 percent higher than the net profit for the whole of 2006.

 

January to September revenues were US$98.4 million, 99 percent of which came from exports.

 

The firm expects exports to rise 13.6 percent to US$150 million this year.

 

Established in 1992, Minh Phu was Vietnam's top shrimp exporter to the US and Australia in 2006.

 

Singapore state investment firm Temasek Holdings bought a 10-percent stake in Minh Phu in June.