South Korean investor pours funds in Viet Uc Seafood

South Korea’s STIC Investment Inc has invested $16.5 million in Viet Uc Seafood through the Pan Asia Technology Fund by buying its shares. The remaining funds will be invested through another fund in the future, reported online newspaper theleader.vn.

Earlier, the Viet Uc Seafood received investment from Lotus Asia Investments, managed by Lombard, a North American-based fund management company. Now, Lotus Asia Investments holds 11.5 per cent of Viet Uc Seafood’s total shares.

Viet Uc Seafood is a wholly foreign invested firm with charter capital of VND102.4 billion. The largest shareholder is Viet Uc Singapore Company holding 56 per cent of total shares while Viet Uc Hongkong Company holds 11.5 per cent. Luong Thanh Van, Viet Uc Seafood President and Chief Executive Officer, holds 19.2 per cent.

Viet Uc Seafood has not announced a new structure of its shareholders after receiving investment from the Korean fund.

Binh Thuan Province-based Viet Uc Seafood has six facilities producing shrimp products in Bac Lieu, Ca Mau, Ben Tre, Ninh Thuan, Binh Dinh and Nghe An provinces. In addition, the corporation is building more facilities producing shrimp products in Quang Ninh and Soc Trang provinces.

Viet Uc Seafood has total output of 50 billion units of shrimp products per year. Now, the company accounts for 24 per cent of the domestic market of shrimp products after three years of operation.