Fimex will contribute VND180 billion in assets and cash to its subsidiary, Khang An Food Joint Stock Company. Photo — asemconnectvietnam.gov.vn

The Sao Ta Food Joint Stock Company (Fimex) will establish its food subsidiary, Khang An Food Joint Stock Company (Khang An Food), according to the Fimex’s board of directors.

Khang An Food will have a total charter capital of VND234 billion (US$10 million) and operate in the fields of aquaculture, seafood processing and agricultural production and processing.

Of which, Fimex will contribute VND180 billion in assets and cash to this subsidiary, accounting for 77.1 per cent of the charter capital, while other individuals contribute VND53.6 billion in cash, accounting for 22.9 per cent.

Fimex gained export value of $20.3 million from shrimp products in July, the highest shrimp export value ever, according to the company. That is a positive signal for recovery of its business in the second half of the year.

The company’s financial statement of the second quarter reported that its net profit in the quarter increased by 2 per cent year on-year to VND52 billion despite the COVID-19 pandemic having a great impact on trade activities.

Ending June, its revenue reached nearly VND1.6 trillion while the post-tax profit was VND92.4 billion. — VNS