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Producer issues shares to fund catfish, factory

VIET NAM - Seafood producer TS4, which lists with the HCM City Stock Exchange, will offer two million new shares in a bid to raise capital for two development projects.

An auction will be held at the HCM City Stock Exchange on October 5. The reference price will be 34,000 VND, General Director Nguyen Van Luc told investors on Sept. 27.

TS4 wants to build a catfish processing plant on a land lot of 32,000 sq.m in Thanh Binh Industrial Park in Dong Thap province. The project is scheduled to begin production in September 2008, with a capacity of 12,000 tonnes annually.

It is expected to have an initial turnover of 300 billion VND (18.7 million USD), which will yield a profit of 14 billion VND. Beginning with the fifth year, officials expect those figures to rise to 600 billion VND and 30 billion VND, respectively.

TS4 will invest in a 50ha catfish farm to provide raw material for the factory.

The other project is a 155 billion VND residential building with a basement and 17 floor containing 180 units. The Orient Apartment Building in District 4’s Ben Van Don Road is slated for completion in the first quarter of 2009.

Source: VietNamNewsAgency