Seafood processor Vinh Hoan buys 51 pct stake in snack company
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Seafood processing company Vinh Hoan Corporation has bought a 51.29 percent stake in the Sa Giang Import-Export Corporation.
It bought 3.56 million shares from the State Capital Investment Corporation (SCIC) at VND97,500 per share in a deal worth almost VND350 billion.
SCIC had planned to auction the shares in July 2020 at a starting price of VND111,700 ($4.80), but failed to attract investor interest.
Sa Giang makes ready-to-eat foods such as prawn crackers and instant noodles and newer products such as crackers made from crab, fish and squid.
It mainly exports its products to Europe, especially Germany and the Netherlands, and some Asian countries.
Last year it reported revenues of VND310 billion and a net profit of VND31 billion.
The company has convened an extraordinary general meeting at the beginning of February to dismiss some members.
Questions & Answers
Q.What kind of products does Sa Giang Import-Export Corporation primarily make?
What kind of products does Sa Giang Import-Export Corporation primarily make?
Sa Giang manufactures ready-to-eat foods, including prawn crackers and instant noodles. It has also developed newer products such as crackers made from crab, fish, and squid.
Q.Which regions are the main export markets for Sa Giang's products?
Which regions are the main export markets for Sa Giang's products?
The company mainly exports its products to Europe, with Germany and the Netherlands being particularly significant markets. It also exports to some countries across Asia.
Q.Why did the State Capital Investment Corporation not sell the shares at its initial attempt?
Why did the State Capital Investment Corporation not sell the shares at its initial attempt?
The State Capital Investment Corporation (SCIC) had planned to auction the shares in July 2020 at a higher starting price. However, the initial attempt failed to attract sufficient investor interest.
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