THV sells stake to pay debts

The Thai Hoa Viet Nam Group (THV) said it will sell an 86.53 per cent stake of Thai Hoa Muong Ang Coffee Co to Maritime Commerce and Sea Transport Co, reducing its equity at the coffee company to 1 per cent.

The group's chairman Nguyen Van An said the transaction would net the company about VND46 billion (US$2.2 million) and it would use the amount to settle debts with the Viet Nam Maritime Bank and invest in a 6,000ha agricultural project in the northern province of Dien Bien.

The maritime company is based in the northern province of Thai Binh.

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