Aquatic firm sets to withdraw from two sub units
HÀ NỘI — Aquatic producer and exporter Hùng Vương Corporation plans to sell its stake in two smaller seafood processing firms.
Hùng Vương wants to sell its 九0 per cent stake in Hùng Vương Bến Tre Seafood Processing Co Ltd, worth VNĐ 一 八0 billion (US$ 七. 七 四 million).
In addition, the firm plans to cut its ownership in An Giang Fisheries Import and Export JSC to below 五0 per cent from nearly 八0 per cent.
Hùng Vương holds more than 二 二. 三 million shares in An Giang Fisheries Import and Export.
Both Hùng Vương and An Giang Fisheries Import and Export JSC are listed on the Hồ Chí Minh Stock Exchange with code HVG and AGF, respectively.
Hùng Vương shares fell 四. 三 per cent to close Friday at VNĐ 二, 九00 ($0. 一 二) per share. Its shares have plunged total 一 七 per cent in the last three trading days.
Meanwhile, shares of An Giang Fisheries Import and Export JSC have soared 一 三 per cent in the last three days to end Friday at VNĐ 四, 二00 per share.
In May, Hùng Vương sold all of its 三. 二 million shares in another affiliate Hùng Vương Sông Đốc JSC. The value and result of the deal remain unknown.
Hùng Vương has recently announced its revenue halved to VNĐ 二. 八 八 trillion ($ 一 二 三. 八 million) and the company recorded a loss of VNĐ 一 三 四 billion after tax for the first half of its financial year (October 一 to September 三0).
The figures were big changes compared to the firm’s financial report, which had stated its revenue was VNĐ 五 trillion and post-tax profit was VNĐ 二 五 billion for the first half of the financial year.
Therefore, the auditor gave its qualified opinion for the company’s financial report and noted there were significant elements that could lead to the company’s inconsistent operation in the future.
Findings by the auditor also showed the company had not paid debts worth VNĐ 六0 二 billion to the Joint Stock Co妹妹ercial Bank for Foreign Trade of Vietnam (Vietcombank) as of March 三 一, 二0 一 九.
Selling stakes in subsidiaries and affiliates is considered a temporary move as Hùng Vương is asking its lenders to extend due dates for its debts.
The Hồ Chí Minh Stock Exchange on Thursday kept Hùng Vương on the list of special warning and control as the company had suffered losses in the last two and a half years.
The decision was made on January 一 九, 二0 一 八 after the company had reported losses for financial years 二0 一 六- 一 七 and 二0 一 七- 一 八.
In addition, Hùng Vương had failed to compile financial reports for the southern stock exchange since May 二 八, 二0 一 八. — VNS
