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ICP grabs major food firm stake
The joint-stock company International Consumer Products (ICP) last Friday announced its acquisition of 51 per cent of the Thuan Phat Food Company, but the value of the deal was not made public.
The popular Thuan Phat makes 80 different kinds of sauces and processed food and has a charter capital of VND30 billion (US$1.7 million).
Thuan Phat runs a factory in HCM City’s Le Minh Xuan Industrial Park and another two facilities for brined fish, from which fish sauce is made, in Phu Quoc Island.
"The company now officially enters the potential food market with it becoming a major shareholder of Thuan Phat," said ICP general director Le Trung Thanh.
Thuan Phat will use ICP’s advanced and transparent management system, professional marketing and wide distribution network.
ICP’s products include household, personal care and cosmetics with brand names such as X-men, Teen-X and Vegy Ocleen, which are sold at 60,000 retail shops nationwide.
Thuan Phat has about 3,000 outlets, according to company chairwoman Truong Lan Anh. Last year her company achieved turnover of VND75 billion with overseas markets including the US, Russia and Hong Kong.
Mekong Enterprise Fund II, managed by Mekong Capital, made its $6 million investment in ICP in 2006, and last year the fund Private Equity New Market (PENM) under BankInvest followed suit with a $9.6 million investment.
vietnamnews
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