June 14, 2007

Singapore's Temasek buys 10 percent stake in Vietnam seafood firm

Singapore financial company Temasek Holdings has acquired a 10 percent stake in Vietnamese seafood firm Minh Phu in its bid to take advantage of Vietnam's notable aquaculture growth.

Minh Phu is Vietnam's largest shrimp processor and exporter by both volume and value and is also listed on the Hanoi Stock Exchange.

The company went public last year and has a market capitalisation of about 3,300 billion Vietnamese dong (US$204,841).

Minh Phu's shrimp exports go to the United States, Japan, and the European Union.

Temasek said it sees Minh Phu as being well-positioned to capitalise on the growth potential in Vietnam's key aquaculture export sector.

Vietnam is the third biggest shrimp producer in the world after China and Thailand, exporting over US$1.3 billion worth of the seafood last year.