Agifish to double chartered capital

Hong Van

The move aims to help the enterprise raise working capital for its Tra fish farming projects. Agifish, which is now capitalized at VND128.5 billion, will issue over 12.8 million new shares to existing shareholders at VND12,000 each. The shares will be offered to shareholders at the 1:1 ratio.

According to the enterprise’s prospectus, the enterprise aims to raise VND154.3 billion after this issuance to invest in three fish farming areas in Can Tho City, An Giang and Dong Thap provinces. Total investment for the three projects is expected at VND169.5 billion.

As of March, Agifish had 121 hectares under fish farming, of which water surface was 79.5 hectares, meeting 40-50% of its material demand. The enterprise expects to raise the ratio to 70% in the coming time to secure revenues of VND3 trillion and after-tax profits of VND95 billion this year.

Last year, Agifish obtained nearly VND2.7 billion in revenues and VND31 billion in after-tax profits.

The enterprise has announced August 15 as the record date for share issuance. Time for buying right transfer will be from August 29 to September 20 while registration time will be from August 29 to October 4.

The reference price of AGF (stock code of Agifish) on the ex-dividend date is VND23,500 each. The enterprise currently has three major shareholders, Hung Vuong Corporation with a 51% stake, Pan Pacific Corporation with 20.2% stake and State Capital Investment Corporation (SCIC) with nearly 8.2% stake.

SCIC early this week announced to auction Agifish shares on its website. SCIC offers over one million buying rights at the starting price of VND25,600 each, meaning that investors must spend at least VND37,600 to own an AGF share.

Time for registration and deposit will run till August 30.