November 29, 2013
Hung Vuong Corp sells 20% of shares to Singapore partner
Hung Vuong Corporation is completing procedures to sell 30 million of newly issued shares to its Singaporean strategic partner.
After the transaction, Singaporean partner will hold 20% of shares of Hung Vuong Corp. The company's chapter capital is expected to increase to VND1,500 billion (US$71 million), bringing back a surplus of more US$30 million.
The pangasius farmer recently reported declining third quarter profits, down 68% on 2012. Its net profit margin for the quarter was 1.28%, compared to 4.96% on-year and 5% or 6% for previous 2013 results.
Hung Vuong completed an US$18.6 million capital share increase in September. The new shares were traded in October, with 39.598 million shares issued at VND10,000 (US$0.47) each.
