October 1, 2012

Vietnam's HVG buys Viet Dan Seafood Feed Factory

Hung Vuong Group (HVG) has spent VND74 billion (US$3.56 million) on acquiring Viet Dan Seafood Feed Factory from Dong Thap Seafood Import Export and Processing JSC.

The buying of the plant that has a capacity of 100,000 tonnes per year will help HVG boost its production capacity of seafood feed in order to meet the demand of its subsidiaries, HVG said in a statement posted on its website.

The facility will be handed over to HVG on October 1. HVG made an audited consolidated net profit of VND183.28 billion (US$8.8 million) on revenues of VND3.57 trillion (US$171 million) in the first half, falling 22% and 6.05% on-year, respectively.

Currently, HVG's Chairman cum Founder Duong Ngoc Minh holds a 35.8% stake equal to 23.36 million shares while SSI Asset Management Limited Co. (SSIAM) and Saigon Securities Inc. (SSI) own 14.68% and 5.29%, respectively, equal to 11.6 million shares and 4.2 million shares.