Hung Vuong Corp seafood products to enter foreign supermarkets

27 2013-09-06-sp9
Beside pangasius exports, Hung Vuong Corporation is planning to introduce its agricultural food products in Indonesian and American supermarket chains in 2014.

On December 6th, 2013, the company has organized its 2013 Annual General Meeting of Shareholders to approve the plan to mobilize capital through issuing more 30 million of shares to sell to its Singaporean partner. The Administration Council is entrusted of undertaking negotiations with investors to fix the selling price, which will be at least VND28,000 per share.

Hung Vuong Corp’s shares will be sold in two periods: the first one ends before December 6th 2014 and the second one ends before December 31st 2014. The company expects to earn back more VND300 billion.

Through December 6th, 2013, Hung Vuong Corp’s share priced at VND25,600. Foreign partners hold 10 percent of shares.

The Tien Giang-based firm has a future plan to further investments in aquaculture and processing activities in Indonesia, Duong Ngoc Minh, Chairman of Hung Vuong Corp said.

Hung Vuong Corp will also cooperate with American H&T supermarket chain to introduce products into 16 markets in the U.S. These markets consumed US$700 million of imported products from Vietnam, including agricultural and food items. American importers contributed 25 percent to Hung Vuong Corp’s pangasius export value.

In 2013, the company targeted to reach cumulative turnover of VND12,000 billion, up 50 percent against that of 2012. Hung Vuong Corp has reported VND10,000 billion of turnover so far. Annual post-tax profit was VND500 billion; of which, VND150 billion came from feed sales and VND350 billion from pangasius exports.