Minh Phu Seafood Corporation plans to sell more than 75.7 million shares in a private deal to raise 3.7 trillion VND (159 million USD) to provide additional capital for production and business activities. (Photo: tinnhanhchungkhoan.vn)
 
Hanoi (VNA) - Minh Phu Seafood Corporation (HoSE: MPC) plans to issue privately 75.72 million shares to raise 3.7 trillion VND (159.5 million USD) in 2019.

The company will use 45 percent of the funds, or 1.7 trillion VND, to improve its financial capacity. The remainder will be used to fund production and sales activities.

The share issuance was approved in late February 2019 by the company's board of directors. The company last week gained approval of the State Securities Commission on the deal.

The company will offer shares to both domestic and international investors that are financially healthy and willing to accompany the firm in the long term.

The shares will be unavailable for trading in one year since the issuance date.

At the annual shareholder meeting in January, Minh Phu announced that Japanese, Korean and US investors had been in talks with the company to buy shares.

The expected price is estimated at more than 48,800 VND (2.07 USD) per share.

The company has 140 million shares on the Ho Chi Minh Stock Exchange under code MPC.

The company's shares edged up 0.7 percent to close at 46,100 VND on April 16.-VNA