Fimex Plans US$2.5Mln Farm Produce Processing Factory

Sao Ta Foods Joint Stock Company (FIMEX VN) will inject around VND40 billion (US$2.5) into building a farm produce export processing factory in southern Soc Trang province, according to the Vietnam Association of Seafood Exporters and Processors.

 

The factory, which Fimex will start construction in late 2007, is expected to facilitate the company’s production and business.

 

Fimex plans to continuously seek for customers by participating international seafood exhibitions to provide against Japan to stop purchasing Vietnamese seafood. Presently, the US and Japan are the biggest importers of Fimex, consuming 90 per cent of the company’s total products export value.

 

Since the beginning of this year, Fimex has sold out 2,470 tons of seafood, earning US$26.5 million, up nearly 6 per cent and 20 per cent compared with the same period of last year, respectively.

 

It has got permission from the State Securities Commission to issue total two million shares to scale up its capital to VND80 billion from VND60 billion.

 

Starting seafood business since 1996, Fimex is now one of biggest seafood exporters in the Mekong Delta. The company now has 50,000 hectares under shrimp breeding.

 

The company is waiting for 25-hectare land allotment from An Lac Thon Industrial Zone for Tra catfish farming and processing factory.

 

In order to ensure the effectiveness of raw material collection, Fimex will build a small frozen seafood factory with the cost lower than VND20 billion at the boundaries of Ca Mau and BacLieu. The factory is scheduled to start operation in 2008. (Stock Investment Online)