March 16, 2012

Denmark, Japan Investors to buy Vietnam's Bianfishco



The state media reported Thursday (Mar 15) that Danish and Japanese investors have expressed their interest to buy Vietnam's Binh An Seafood JSC (Bianfishco) which is falling in financial trouble.


The Danish investor has contacted with the Can Tho City's Department of Industry and Trade to collect information on Bianfishco which has headquarter and seafood processing plants in the Mekong Delta city, said city's Deputy Chairman of the People Committee Vo Thanh Thong.


Another investor from Japan also expressed his desire to buy the Vietnamese firm, Thong said, without revealing the names of these potential investors.


Bianfishco is facing difficulties to pay debts of VND261 billion (US$12.4 million) for pangasius fish they purchased from local farmers. The firm was said to own local banks with some VND1.2 trillion (US$57.8 million) while the company's total properties were audited and said to be worth more than VND2.7 trillion (US$130 million).


Local media reported that a Dutch firm is negotiating with Bianfishco to buy the Vietnamese firm at US$80 million.


Bianfishco was founded in the Can Tho city-based Tra Noc II Industrial Park in 2005 and started operation a year later. After three years, the seafood company's revenue surged from VND100 billion (US$4.8 million) in 2006 to VND1 trillion (US$48 million) in 2009.


Apart from developing the processing plant, Bianfishco also invested in seafood farming to create competitive advantages. In July 2010, the company established Binh An Tra Fish Research Institute.

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