Vietnamese Seafood Firm Denies Thai Takeover Report
Minh Phu Seafood Corporation (MPC), Vietnams top shrimp exporter, has denied a rumor that Charoen Po…Minh Phu Seafood Corporation (MPC), Vietnams top shrimp exporter, has denied a rumor that Charoen Pokpand Foods Public Co., Ltd. (CP Foods), Thailands largest agribusiness firm, would buy a 40% stake equal to 28 million shares of MPC.
Reports had it that CP Foods planned to pay VND45,000 for each MPC share, higher than the closing price of MPC at VND35,100 on October 25. But MPC spokesman Nguyen Xuan Toan insisted that the information was not correct. Currently, MPC is still offering 30 million shares in a private placement aiming to raise its
registered capital to VND1 trillion ($47.62 million) from current VND700 billion, Toan said.
Earlier, the Vietnam Securities Depository (VSD) announced that it had limited the foreign ownership ratio at MPC at 11.58% as of October 24, aiming to ensure the ratio not to exceed the stipulated cap of 49% since the seafood company is holding talks to issue 30 million new shares to foreign strategic investors.
MPC's Chairman Le Van Quang and his relatives controlled a combined stake of 63.03% of the company, while Red River Holding owned 9.47% as of June 30. This year, the shrimp exporter expects a consolidated net profit of VND715 billion on revenues of VND10.48 trillion, including export value of $500 million.
