Criteria relaxed for Vinafood 2’s strategic investor selection

A rice stock owned by a subsidiary of Vinafood 2 in Tra On District of the southern province of Vinh Long. — VNA/VNS Photo Dinh Hue The Ministry of Agriculture and Rural Development has approved a new set of criteria to select strategic investors for the Viet Nam Southern Food Corporation (Vinafood 2). These requirements are more relaxed than those proposed by the corporation earlier. Specifically, strategic investors must have a minimum charter capital of VND2.5 trillion (US$110 million) in 2016 and record positive after-tax profits in three consecutive years from 2014-16, with no accumulated losses until December 31, 2016. The earlier proposal by Vinafood 2 stipulated strategic investors to have total assets worth at least VND10 trillion by December 31, 2015, as stated in their audited financial report, a minimum charter capital of VND3.5 trillion and positive after-tax profits in three consecutive years, with no accumulated losses by the end of 2015. Besides this, the corporation also set some specific criteria on profits that strategic investors must meet. Nguyen Ngoc Nam, Vinafood 2 acting general director, said the reduction in the charter capital as well as the removal of minimum total assets and profit ratios in the criteria list would help invite potential investors. He said food and seafood processing and production would continue to be the core businesses of Vinafood 2 after equitisation. Vinafood 2’s initial public offering (IPO) is scheduled to take place on March 14. The corporation’s equitisation plan was approved on December 29, 2017, by… [Read full story]

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