Shares of the 'big guy' tra fish are 2,500 VND, the state wants to divest 10 times more

The State Capital Investment Corporation (SCIC) announced the offering of 2.3 million shares (equivalent to 8.24% of charter capital) it owns at An Giang Seafood Import-Export Joint Stock Company (Agifish) in the form of a whole lot with a starting price of 58.4 billion VND. The expected auction date is April 18. Each share in this offering is equivalent to 25,400 VND. Meanwhile, the price of AGF shares of Agifish on the UPCoM floor is only 2,500 VND. Thus, SCIC divests at a price 10 times higher than the price on the floor.

From a leading seafood company, Agifish has been continuously losing money.

According to the information announcement of the offering from SCIC, the above starting price is determined based on the valuation certificate and the official dispatch dated February 6, 2023 of Moore AISC Auditing and Informatics Services Company Limited. Moreover, Agifish's business situation is still suffering heavy losses.

Specifically, Agifish's audited financial report for 2022 showed an accumulated loss of VND866.6 billion, with negative equity of VND172.7 billion. Agifish's debt by the end of 2022 was VND503.4 billion, mainly short-term loans and financial leasing debt. At the end of March, the Hanoi Stock Exchange announced that it would continue to maintain trading restrictions on Agifish's AGF shares (shares are only traded on Fridays every week).

Agifish explained that the company is in the process of restructuring its business operations, including liquidating some investments. The company is also negotiating with banks to ensure working capital for production and business in the coming time, providing pangasius fillet processing services for export to stabilize revenue, cash flow and fulfill debt repayment obligations...

In the early 2000s, Agifish was considered a symbol of local success and one of the leading seafood enterprises in Vietnam. In 2011, Agifish was certified by the Vietnam Association of Seafood Exporters and Producers (VASEP) as a top 3 pangasius exporter. Agifish's decline began in 2017 when it unexpectedly reported a loss of VND187 billion and continued to suffer losses in the following years and has lasted until now.

AGF shares have been listed and traded on the Ho Chi Minh City Stock Exchange for 18 years, but were delisted in early 2020 due to late submission of financial reports for 3 consecutive years. AGF code was then transferred to trading on UPCoM.

Source: https://thanhnien.vn/co-phieu-ong-lon-ca-tra-2500-dong-nha-nuoc-muon-thoai-von-gap-10-lan-185230414103448474.htm