Vietnamese food processors Hung Vuong Co (HVG), plan to purchase a majority interest in Viet Thang Feed Co (VTF), Chairman and general director of HVG, Ngoc Minh ha told.
Minh stated that the purchase would greatly help HVG achieve higher self-sufficiency in all stages of its production processes.
"We will gain an advantage in all ranges of our business, from food supply to processing and export," Minh said, adding "We will also be the source of foreign currency for Viet Thang Feed to import materials."
Currency rates of exchange have significantly impacted VTF's operations, with the firm currently importing materials to the value of approximately $50-60 million USD every year, he noted.
The takeover is to be conducted by acquiring 3 million VTF shares at an expected cost of no lower than VND20,000 per share. As well as HVG, Viet Phu Foods and Fish Co are also in consideration over a potential purchase of 3 million of VTF's shares.