MPC climbs to 19-month high on fund investment

Minh Phu Seafood Joint-Stock Co.(HOSE:MPC), Vietnam’s biggest publicly traded seafood company, climbed to the highest in 19 months in Ho Chi Minh trading after a local fund said it would increase its stake.

The shares rose by the daily limit of 5 percent, to VND35,900, the highest since Feb. 26, 2008, at 10:13 a.m. local time Friday on the Ho Chi Minh City Stock Exchange. The benchmark VN Index added 1.1 percent.

Vietnam Investment Fund, part of Hanoi-based BIDV-Vietnam Partners Investment Management Joint Venture Co., will boost its holding in Minh Phu to 7 percent by buying 990,000 shares by March 28, the company said in a statement on the exchange’s website. The fund currently has a 5.6 percent stake.

Minh Phu, based in the Mekong delta province of Ca Mau, had exports of almost $91 million in the eight months ended August, according to a statement on its website posted after the market closed Thursday. It didn’t provide any comparative figures.

thanhnien, Bloomberg

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