Bianfishco recasts net wide

December 25, 2012 | 08:56

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Debt-ridden Bianfishco, a major exporter of pangasius fish fillet until 2011 has resumed overseas shipments.

The Can Tho-based company resumed operations in May after closing its pangasius processing factory in the city late February with VND1.5 trillion ($72 million) in debts to banks and supplying farmers. In early August, Saigon Hanoi Bank and Vietnam Development Bank (VDB) signed a cooperation agreement to restructure it, with the former lender guaranteeing payment of the firm’s loans from VDB, and VDB committed to releasing Bianfishco’s mortgaged property.

Then, Saigon Hanoi Bank and the Ministry of Finance’s Debt and Asset Trading Company climbed onboard to co-run Bianfishco. Now that production has become stable again, the firm targets $90 million in export turnover for next year, says a company report submitted to the Can Tho city People’s Committee, which watches over Bianfishco’s restructuring.

Bianfishco resumed production in three plants employing 1,200 workers and processes 100 tonnes of pangasius fish per day. The company has recommenced shipments to established markets like the US, European and Islamic countries. Established buyers including Maak Enterprises, Obaba Seafood, Western United have placed orders again with the firm, said Bianfishco CEO Nguyen Tat Thang, who replaced CEO Tran Van Tri after the two Vietnamese banks got involved in the company’s shake-up.

At that time, Tri’s wife and company founder Pham Thi Dieu Hien, transferred 25 million Bianfishco shares she was holding to Saigon Hanoi Bank for it to hold a 50 per cent stake of the seafood exporter. With the new shareholder, the firm plans to become a publicly traded company over the next three years, with listed shares.

By Tuong Thuy

vir.com.vn

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