'Shrimp king' Minh Phu approves charter capital hike in 2 subsidiaries

Minh Phu Seafood Corporation, Vietnam’s leading shrimp exporter, has approved to increase charter capital in its subsidiaries Minh Phu Aquatic Larvae Co., Ltd and Ebisumo Logistics Co., Ltd.

Accordingly, Minh Phu Aquatic Larvae was approved to increase its capital from VND200 billion to VND270 billion ($11.36 million), sourcing from the parent company.

Minh Phu Seafood Corporation (MPC) currently holds a 99.83% stake in the firm, with the remaining owned by general director Le Van Quang.

MPC also approved the contribution of 20 million yen to Ebisumo Logistics to expand the total investment to 60 million yen ($440,100) from the latter's profit. Ebisumo Logistics, 100% owned by MPC, is a member company in charge of logistics support and customer care in the Japanese market of MPC.

In 2022, MPC recorded revenue of VND16,425 billion ($691.41 million) and after-tax profit of VND838.6 billion ($35.3 million), up 21% and 27% year-on-year, respectively.

The company fullfilled 87% of its revenue target and 66% of its profit plan. This is also the sixth consecutive year since 2017 Minh Phu failed to complete the set business plan.

By December 31, 2022, MPC's total assets hit VND10,605 billion ($446.42 million), up 11% compared to the beginning of the year, mainly due to an increase in inventories.

On the Unlisted Public Company Market , the MPC price hit VND17,400 ($0.73) per share on Wednesday.

Last July, the company signed a deal with Singapore-based cultivated meat and seafood firm Shiok Meats to carry out research and development on cell-based shrimp products.

Minh Phu has been Vietnam’s largest shrimp producer and exporter for several years. Based in the Mekong Delta’s Ca Mau province, the company has in recent years focused investments on upgrading shrimp farming technology.

It’s main export markets are the U.S., EU, Australia, New Zealand, Japan and Canada.