Seafood firms sell assets to stay in business

Viet Nhat Seafood (VNH) yesterday announced it had to sell some of its assets to raise capital for its operation.

Specifically, it will sell VND12 billion (US$571,400) in Phu Nhat Canned Food Co Ltd, which has a charter capital of VND36 billion ($1.7 million).

In addition, it had sold a VND54 billion ($2.5 million) property in HCM City to Sai Gon Trading Group earlier this year.

The company expects modest revenue and profits of just VND80 billion ($3.8 million) and VND4 billion ($190,000) for this year.

VNH shares lost 3.8 per cent yesterday to just VND2,500 ($0.10). 

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