Mitsui may commit $100m in private placement issue of Vietnam’s Minh Phu

Japanese conglomerate Mitsui has committed $100 million in Vietnam-based seafood processor Minh Phu’s upcoming private placement.

Minh Phu confirmed one of the bidders for its private placement of 75.72 million shares was Mitsui. The company could not reveal four other investors from the US, Japan and South Korea because of confidentiality issues.

Meanwhile, the Vietnamese government portal said the commitment from Mitsui was $100 million.

The 75.72 million new shares translate into a value of $152.7 million based on Minh Phu’s current share price, representing 35 per cent of the company’s equity interest upon closing the transaction.

Foreign investors currently own an aggregated 9.96 per cent stake in Minh Phu.

The seafood firm is traded on the local UPCoM (unlisted public companies market). It said to move to the Ho Chi Minh City Stock Exchange (HOSE) after the private placement deal is finalised. HOSE is home to Vietnam’s biggest publicly traded companies including Vinamilk, Vingroup, Sabeco, Masan and Techcombank.

Minh Phu specialises in shrimp exports, which reach $700 million annually. With the participation from Mitsui, it is expected to hit $1 billion.

This is not the first time the Japanese keiretsu will be partnering with Minh Phu. In 2013, Mitsui acquired 31 per cent of Minh Phu Hau Giang, an affiliate of the Vietnamese seafood major.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.