December 20, 2010

Minh Phu Seafood Corporation to sell US$35.9 million corporate bonds

Minh Phu Seafood Corporation (MPC) will issue VND700 billion (US$35.9 million) of corporate bonds in a private offering by the end of December to raise funds for its projects and affiliates.

The unsecured three-year debts, to be offered at VND1 billion (US$51,282) each, will carry floating yields to be adjusted every six months, MPC said Friday (Dec 17).

Vietnam Joint Stock Bank of Industry and Trade (Vietinbank) will underwrite the issuance, while Vietinbank Securities of HCM City branch will provide consultancy service.

With a registered capital of VND700 billion (US$35.9 million), MPC is now traded on the Hochiminh Stock Exchange (HOSE), with a market capitalisation of VND2.14 trillion (US$109.74 million) and a 15.68% stake held by foreigners as at December 16.

In the first 11 months, the shrimp exporter raked in US$217.16 million from abroad shipments of 20,208 tonnes of shrimp, up 53.48% in value and 41.1% in volume on-year.

In 2010, the company targets export revenues of US$200 million from selling 21,400 tonnes of shrimp, and net profit of VND343.425 billion (US$17.61 million) on net revenues of VND3.9 trillion (US$200 million).