March 12, 2008

Proconco turns into a joint stock company

Proconco, a Vietnamese-French joint venture specialising in animal feed production, announced that it has completed conversion into a joint-stock company in Ho Chi Minh City on March 10.

The joint-stock company has a charter capital of VND146 billion (US$9.2 million) with Dong Nai Food Industry Corporation (Donataba), Vietnam National Sea Products Corporation (Seaprodex), ISA and Prudential being its key investors.

Vietnamese investors contributed 60 percent of the company's capital while the remaining came from the Vietnam Prudential Investment Fund and the Singapore-based Prudential Asset Management.

Since its inception 14 years ago as a joint venture with SSI, a subsidiary of State-owned EMC/Potasses d'Asace Group of France, Proconco has grown into one of the biggest providers of animal feed in Vietnam.

Proconco plans to increase its capacity to 1.5 million tonnes of products in 2008, according to Le Hong, chairwoman of the company's board of directors.