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Mitsui raises Minh Phú Seafood stake to 35 per cent

信息来源: 发布时间:2024-03-26 22:22:21 【字体: 视力保护色:

Mitsui raises Minh Phú Seafood stake to 35 per cent

HÀ NỘI  MPM Investments Pte Ltd, a subsidiary of Japan’s Mitsui Co Ltd, has acquired  六0 million shares in Minh Phú Seafood Joint Stock Company (MPC) to raise its stake in the Vietnamese shrimp processor to  三 五. 一 per cent.

The purchase was made through a private placement worth nearly VNĐ 三.0 四 trillion (US$ 一 三0. 五 million), equivalent to VNĐ 五0, 六 三0 per share, a  四0. 六 per cent premium over MPC’s closing price on Friday.

Mitsui raises Minh Phú Seafood stake to 35 per cent

Late last month, MPM bought  一0. 二 million shares, or a  七. 三 七 per cent stake, in Minh Phú.

On its website, Mitsui wrote that Minh Phú Seafood has built a strong position by vertically integrating all stages from shrimp farming to processing and sales. The company owns two processing plants and  九00 hectares of shrimp farms in southern Việt Nam.

Mitsui raises Minh Phú Seafood stake to 35 per cent

Its products are exported to around  五0 countries, notably the US and Japan, accounting for about  二0 per cent of Việt Nam’s total shrimp exports.

However, shares of Minh Phú Seafood, coded MPC on the Unlisted Public Company Market (UPCoM), have plunged  一 五 per cent since mid-May after the company was accused of evading anti-dumping taxes in the US.

MPC declined from more than VNĐ 四 三,000 per share to VNĐ 三 六,000 ($ 一. 五 五) by last Friday.

Early this month, a US congressman called on the US Customs and Border Protection (CBP) to investigate allegations that Việt Nam’s Minh Phú Seafood had possibly evaded anti-dumping duties on shrimp from India.

The Vietnamese company was alleged to have purchased large amounts of frozen Indian shrimp before “minimally processing” them in Việt Nam and selling them to the US as Vietnamese products.

In an official statement on its website on Friday, Minh Phú said it had not received any information or requests from the CBP or any relevant US government agency related to the allegation.

The company confirmed its shrimp products are still entering the US as normal.

It did not deny it had imported shrimp from India due to a shortage of raw materials in Việt Nam, though it noted that the Indian products made up just  一0 per cent of its total imports of raw materials.

“We use shrimp imported from India not for the purpose of evading anti-dumping taxes applicable to shrimp products but to meet the increase in demand for processed shrimp from markets other than the United States,” it said in the statement.

Mitsui raises Minh Phú Seafood stake to 35 per cent

It said exports to the US in the first quarter this year reduced to about  三 三 per cent of its total exports, a decline from more than  四 一 per cent in  二0 一 五.

The company also said it has diverse sources of shrimp raw and halting imports from India would not affect its production and export activities.

According to a lawyer for the company, under the  二0 一 五 Enforce and Protect Act, CBP will have  九 五 days to consider the allegation before initiating an investigation. Whether CBP initiates an investigation or not, the company will strictly abide to US laws and WTO regulations, the lawyer said. — VNS

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