Vietnam National Seafood Corporation (Seaprodex) will be offering 60.8 million shares or 48.7 per cent equity stake of the company on the Hanoi Stock Exchange (HNX) on December 12. The remaining 51 per cent equity stake will be held by the State, in accordance with the State’s plan of equitization.
About 15 state companies are supposed to be listed on the HNX, this month. Of which, the PetroVietnam Camau Fertilizer Ltd (PVCFC) is supposed to be the largest IPO, expected to raise over $122 million; followed by the Seaprodex IPO.
According to the HNX database, 45.17 million of Seaprodex shares were registered by domestic investors. In which, 13.5 million shares were registered by individual investors and the remaining 31.66 million shares registered by companies, totaling 74 per cent of the entire amount of shares that is being offered by Seaprodex. No foreign investor has registered for the shares, yet.
Seaprodex is a Vietnam based major seafood producer with charter capital of VND 1,250 billion ($58.5 million). The company main activities are fishing, aquaculture, seafood processing.
Seaprodex is the only SOE in fisheries sector, which farms and processes products for export and domestic consumption.
Consolidated revenue from seafood exports of Seaprodex averaged from VND 1100-1200 billion ($51.5 million to $56.1 million) per year, accounting for over 30 per cent of total revenue and approximately one per cent of exports of the country’s fisheries.
In 2013, Seaprodex revenue reached VND 3459 billion ($161.9 million), of which VND 105 billion ($4.9 million) was pre-tax profit. It is expected that in 2014, Seaprodex can reach VND 3,181 billion ($148.9 million) in revenue and VND 103 billion ($4.8 million) pre-tax profit.