August 31, 2007

Vietnam's Min Phu Seafood to join Ho Chi Minh bourse

Vietnam's top shrimp exporter Minh Phu Seafood Corporation has submitted its documentation to move to the Ho Chi Minh Securities Exchange (HoSE) from the Hanoi stock exchange.

Minh Phu is the second applicant behind the securities broker Saigon Securities Incorporation (SSI) to ask for listing switch.

The company is the fifth biggest firm on the Hanoi Securities Trading Centre with a registered capital of VND700 billion (US$43.75 million).

Minh Phu has become one of Vietnam's leading seafood exporters with annual turnover of over VND2.3 trillion (US$143.7 million). Established in 1992, it now has six subsidiaries, comprising four seafood processing firms, one farming business, and one breeder livestock firm.

Minh Phu earned an estimated VND70 billion (US$4.4 million) in profit in the first five months of the year and is looking to VND225 billion (US$14 million) this year.