ABT to acquire stake in Sao Ta Foods
ABT to acquire stake in Sao Ta Foods
Ben Tre Aquaproduct Import and Export JSC (ABT) will likely purchase a 20.1 per cent stake in shrimp exporter Sao Ta Foods, equivalent to 54.28 per cent of Sao Ta Foods’ capital
Sao Ta Foods is one of the most-effective subsidiaries under Hung Vuong Corp. The shrimp exporter reported the best-ever result with estimated pre-tax profit of VND125 billion in the fiscal year 2016-17, an increase of 25 per cent over the yearly target and up 60 per cent year-on-year.
If the transaction is successful, Sao Ta Foods will become an associate of Ben Tre Aquaproduct, focusing on shrimp processing and exporting.
Ben Tre Aquaproduct focuses on tra fish and oyster farming. Its performance is getting worse this year with the nine-month profit reaching just VND15.6 billion, a sharp decline compared to VND40 billion earned in 2016’s nine months.
