Sao Ta Foods becomes Ben Tre Aquaproduct affiliate

Saturday, Nov 18, 2017 08:26

Sao Ta Foods JSC has become an affiliate company of Ben Tre Aquaproduct Import and Export JSC. — Photo

Ben Tre Aquaproduct Import and Export JSC (ABT) has completed the purchase of nearly 7.84 million shares, equal to 20.1 per cent of voting rights in Sao Ta Foods JSC (FMC), making the latter an affiliate company of Ben Tre Aquaproduct.

The company made the announcement on the HCM Stock Exchange on Thursday.

Ben Tre Aquaproduct is a subsidiary of PAN Group which holds 72.82 per cent of its capital.

Earlier, Hung Vuong Corp (HVG) decided to offload its entire holding of 21.128 million shares — equivalent to 54.28 per cent of Sao Ta Foods’ capital — to streamline its business in the context of declining performance and heavy interest burdens.

SSI Asset Management Co Ltd on Monday also bought more than 7.72 million shares of Sao Ta Foods, lifting its ownership to 19.97 per cent of voting rights.

Sao Ta Foods is one of the three biggest shrimp exporters in Viet Nam. The shrimp exporter reported its best-ever result with estimated pre-tax profit of VND125 billion (US$5.5 million) in the fiscal year 2016-17, an increase of 25 per cent over the yearly target and up 60 per cent year-on-year.

The company’s shares are trading at about VND22,000 per share on the HCM Stock Exchange. – VNS

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