Hoa Sen gets fresh board member

March 12, 2013 | 11:33

(0) user say

Red River Holdings Vietnam’s Jean Jacquemin has been elected to sit on the board of Hoa Sen Group.

He became a new board member of the Ho Chi Minh City-headquartered steel-maker and plastics producer group during its annual general meeting March 6, where the shareholders agreed upon its 2013 after-tax profit target of VND400 billion ($19.23 million), higher than last year’s result.

Jacquemin owns 17 per cent of Hoa Sen.

The Vietnamese group posted its 2012 after-tax profit at VND368 billion ($18.4 million), 1.5 times better than targeted and up 130 per cent higher than the 2011 result. Hoa Sen chairman Le Phuoc Vu said in February 2013 alone, his group estimated profit at VND60 billion (almost 2.9 million).

He added Hoa Sen was investing in the second of its two steel mills at Phu My 1 Industrial Park in Ba Ria-Vung Tau province, which requires $66 million. Vu expected he could borrow Indian official development assistance of $100 million set for Vietnam and Hoa Sen’s own capital would cover the balance.

The project also includes two cold-rolled galvanized iron production lines with total capacity of 400,000 tonnes a year, and a non-oxidisation furnace (NFO) thick steel-plating assembly line, with 100,000 tonnes a year.

Red River Holding is a $253 million Vietnam-focused investment fund launched by France’s Groupe Artemis.

Red River is a big shareholder in Vinh Hoan, a major Vietnamese pangasius fish exporter, and Jacquemin also sits on the company’s board. The fund also owns shares in Minh Phu, Vietnam’s largest shrimp exporter.

By Tuong Thuy

vir.com.vn

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional