Japanese conglomerate Mitsui and Co. and four other foreign investors have been shortlisted for acquiring a stake in Vietnamese shrimp giant Minh Phu Seafood Corp.
The list was finalized in a shareholders’ extraordinary general meeting that concluded on 29 January, Minh Phu said in a statement.
The four other potential buyers include two others from Japan, one from the United States, and one from South Korea. Minh Phu did not reveal their names, citing confidentiality.
Each of the five investors will be allowed to buy part or all the 75.72 million shares that Minh Phu will issue, subject to approval from Minh Phu’s board of directors.
Le Van Quang, chairman and CEO of Minh Phu, was authorized by the shareholders’ meeting to negotiate with the buyers and decide on final prices. The proceeds from the share issuance will be used to strengthen the company’s financial position and add more capital for production and business activities.
Minh Phu’s shares were trading at around VND 46,300 (USD 2.00, EUR 1.80) each on the Vietnam’s Unlisted Public Company Market index on Friday, 8 February.
Minh Phu produced 67,646 metric tons (MT) of shrimp in 2018, up 19.5 percent from 2017, and realized USD 750.7 million (EUR 661.3 million) in revenue from exports, up seven percent year-on-year.
The company targets to produce 77,400 MT of shrimp in 2019, up 14.4 percent year-on-year. It aims to earn USD 850 million (EUR 748.8 million) from shrimp exports in 2019, up 13.2 percent from last year, according to Minh Phu.
Minh Phu expects high-tech shrimp farming to keep expanding in Vietnam this year, providing to the global markets with high-quality products and competitive prices. The company said it will expand the high-tech farming in 500 ponds in its two extensive farms in Loc An and Kien Giang in Vietnam’s south.
And at a shareholders’ extraordinary general meeting in November, Minh Phu approved plans to build a breaded shrimp processing plant in Vietnam and two cold storage facilities in the U.S.
