Seafood producer TS4 listed in the HCM City Stock Exchange, will offer two millions new shares in a bid to raise capital for two development projects.
An auction will be held at the HCM City Stock Exchange on October 5. The reference price will be 34,000 VND, General Director Nguyen Van Luc told investors on Sept. 27.
TS4 wants to build a catfish processing plant on a land lot of 32,000 sq.m in Thanh Binh Industrial Park in Dong Thap province. The plant is scheduled to start in September 2008, with a capacity of 12,000 tonnes annually.
It is expected that initial turnover of the plant reached to 300 billion VND (18.7 million USD) with net profit of 14 billion VND and respectively rise to 600 billion VND and 30 billion VND after five year operation. TS4 will also invest in a 50ha catfish farm to supply enough raw material for the factory.
The other project is a 155 billion VND residential building with a basement and 17 floor containing 180 units. The Orient Apartment Building in District 4’s Ben Van Don Road is slated for completion in the first quarter of 2009.
TS4 has approval from the State Securities Commission for releasing an additional five million shares in the first quarter of 2008 to boost its financial solvency.