Hung Vuong Corporation (code HVG), chaired by Mr. Duong Ngoc Minh, has just announced a document seeking shareholders' opinions on divesting capital from many member companies to collect payment and thoroughly handle loan debts.

Specifically, HVG will divest all 79.58% of its charter capital at An Giang Seafood Import-Export JSC (AGF), with a charter capital of VND281 billion. HVG is looking for a suitable partner to sell all of its shares.

HVG also wants to divest from Viet Thang Animal Feed JSC (VTF), with charter capital of VND1,045 billion. HVG currently holds 50.38% of the capital of this enterprise.

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Chairman of the Board of Directors of Hung Vuong Duong Ngoc Minh. Photo: THA

Along with that, HVG will sell all 89.99% of capital at Hung Vuong Vinh Long Aquatic Feed JSC. This company has a charter capital of 80 billion VND.

Finally, HVG will sell all 85% of its capital at Hung Vuong Chau A Company Limited, with charter capital of 360 billion VND.

According to HVG, the proceeds will be used to pay off the company's debts.

In the latest financial report in 2019, this enterprise had a debt of more than 7,134 billion VND, of which bank loans (short-term and long-term) were more than 3,000 billion VND.

Hung Vuong Joint Stock Company, formerly Hung Vuong Company Limited, was established and put into production in My Tho Industrial Park, Tien Giang Province, since 2003. The main business is processing frozen pangasius fillets for export. Initial charter capital of 32 billion VND, capacity of 50 tons of raw materials/day.

Chairman Duong Ngoc Minh is known as a businessman who was once famous with the nickname "king of pangasius" and the slogan "Think of fish, eat panga!".

In January 2007, HVG officially became a joint stock company with a charter capital of 120 billion VND. By 2009, total assets reached 600 billion VND and HVG was the leading closed-loop pangasius processing and export factory in Vietnam.

In November 2009, HVG was officially listed on the Ho Chi Minh City Stock Exchange (HoSE).

In 2016, HVG recorded revenue of nearly 18,000 billion VND, however, net profit was less than 10 billion VND.

In 2017, Hung Vuong still achieved over 15,500 billion VND in revenue but had a loss after tax of over 705 billion VND.

By August 2020, more than 227 million HVG shares were officially delisted from HoSE. HVG transferred its trading registration to UPCoM.

Hanoi Stock Exchange (HNX) decided to continue to maintain the suspension of trading for HVG shares from December 15, 2023 on the UpCom floor, due to the failure to publish audited financial statements for 3 consecutive years.

In the market, after being suspended from trading, HVG was at 1,400 VND/share.

Similar to Hung Vuong, many seafood businesses are facing many difficulties. Minh Phu Seafood Corporation (MPC) reported a record net loss of nearly VND98 billion in 2023.

Nam Viet Corporation (ANV) also recorded pre-tax profit down 91% to VND67.6 billion.

Approved to sell 130 million shares, Bau Duc 's company has more money to pay debt. Bau Duc's company has just received a decision to issue 130 million HAG shares to raise 1,300 billion VND for the purpose of restructuring corporate debt.