Incomfish looks to banks for cash after postponing share issue

Wednesday, May 14, 2008
Seafood Investment and Commerce Joint Stock Co (Incomfish) announced it will delay a planned share issue of 23.99 million shares and assigned the director board to select financial institutions to raise capital instead.

In addition, the company also agreed to delay the construction on three investment projects such as Dai Duong frozen fish processing plant in HCM City, canned fish factory in Phu Yen province and other real estate projects in HCM City.

The company's general director Trinh Ba Hoang said that the delays were for difficulties in capital mobilisation.

However, in 2008, Incomfish will continue building Tan Thanh industrial complex with a designed area of over 100 hectares and total cost of 250 billion dong in Dong Thap province, a 48 billion dong three-star hotel in Thu Duc Dist, invest 5-10 billion dong in Northern Seafood JSC, contribute 66.24 billion dong in building a frozen fisheries factory in Dong Thap in conjunction with Asian Seafood Commerce JSC.

In addition, Incomfish will also invest 42.6 billion dong to cooperate with Saga Service Trading Production Ltd Co to build offices for lease in HCM City's Dist 1 and another US$1.8 million to set up shops in US and Europe.