Seapriexco No4 to invest in raw material supply

In Q.1/2011, Seapriexco N04’s sales increased 150 percent and its net profit was up 41 percent against the same quarter of 2010,” the company said.

At the 2011 Annual General Meeting of shareholders, shareholders agreed to adopt the project to construct a feed factory and a fishmeal mill with using the rest of processed pangasius which was expected to locate beside Dong Tam processing plant. The total investment in this project rose to VND120 billion.

According to the company, the 2011 is expected to be a challenging year when Seapriexco No4 has to face not only with crucial competitions, but also with sharp rise of all input costs such as electricity, water, oil, worker salary… These cut down the company’s profit. Currently, Seapriexco N04 is now getting into troubles because it failed to assure actively the raw material supply.

Therefore, in its proposed 2011 development orientation, Seapriexco No4 plans to issue shares in an effort to raise the charter capital to VND234.5 billion to finance its investment in fish farms, assuring stable raw material supply for its Dong Tam plant in Dong Thap province; and to invest in the first phase of construction of Toan Thang seafood processing plant in Long Hau industrial park, in Long An province.

Source: Pangasius Vietnam

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