August 17, 2011

Japanese partner seeks to buy huge MPC shares

A Japanese partner is looking for opportunities to purchase huge amount of shares of major Vietnamese shrimp exporter, Minh Phu Seafood Corporation (MPC), and have a seat at the company's management board, a senior official said.

MPC's Deputy General Director Le Van Diep was cited by the Dau tu Chung khoan newspaper as saying that the company does not want to sell large stakes to a certain partner who is also the firm's import client.

Diep, however, did not give further details on the investor.

The shrimp exporter is preparing to offer 30 million new shares or convertible bonds to public in 2011-2012 period, aiming to raise its registered capital to VND1 trillion (US$48.33 million) from VND700 billion (US$0.0338 billion).

MPC netted a profit of VND221.4 billion (US$0.0107 billion) on revenues of VND3.94 trillion (US$190.4 million) in the first half of this year, soaring 69.4% and 71% on-year, respectively, excluding those of its affiliates.

It expects to complete the target of US$360 million in export turnover and VND615 billion (US$0.0297 billion) in net profit this year.