Hung Vuong Corporation processes some 800 tonnes of pangasius per day. (Photo: Hung Vuong)

Leading pangasius exporter to enter HCM Stock Exchange

VIET NAM
Friday, November 20, 2009, 23:50 (GMT + 9)

Leading exporter of tra and basa pangasius Hung Vuong Corporation will get on the board of the HCM Stock Exchange next Wednesday with a reference price of VND 55,000 (USD 3.03).

Headquartered in Tien Giang Province, the firm specialises in the aquaculture, seafood processing, animal food production, cold storage and real estate sectors. It operates seven facilities in the Tien Giang, Vinh Long and Soc Trang provinces with a combined processing capacity of 800 tonnes daily.

The company targets a net profit of VND 360 billion (USD 20 million) for 2009 -- a rise of 110 per cent from last year. Profit are expected to reach VND 500 billion (USD 27.6 million) in 2010 and VND 700 billion (USD 38.6 million) in 2011, Viet Nam News reports.

Until 2010, shareholders may receive 30 per cent dividend yearly.

Hung Vuong Corp’s 150ha of aquaculture farms provide for 50 per cent of its demand; plans are in the works to expand the area to 200ha. Co-operation efforts with farmers to source output from another 150ha are already taking place.

The company’s catfish exports in the first nine months of 2009 reached USD 100 million. By year’s end, numbers are anticipated to rise to USD 150 million.

Estimates see Vietnam’s pangasius exports reaching USD 1.2 billion this year. The country’s main markets include Russia, Ukraine and other countries in the European Union (EU) and the Middle East.

Hung Vuong Corp operates a cold storehouse of 42,000 tonnes at HCM City’s Tan Tao Industrial Park. Preparations are in the works for a commercial building and another apartment building project in that city as well.

The company has a charter capital of almost VND 600 billion (USD 33.1 million) with foreign investors owning over 12 per cent. It is one of Vietnam’s top producers and exporters of pangasius products and has been operating since 2003.

This firm is the leading enterprise in processing and trading in pangasius and has expanded from one processing plant to five affiliated plants equipped with the latest technologies and processing facilities. It has branches in Australia and Singapore.

By Natalia Real
editorial@fis.com
www.fis.com

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