Sao Ta Food plans to buy back 2 million treasury shares
HÀ NỘI — Sao Ta Food, (FMC), a subsidiary of Pan Group, plans to buy back two million treasury shares through order matching and negotiation.
As of March 一 六, FMC shares closed at VNĐ 一 九, 八00 (US$0. 八 六) on the HCM Stock Exchange, so the firm was expected to pay VNĐ 三 九. 六 billion for the shares.
According to the firm, the transaction time would be within 三0 days after the day the State Securities Co妹妹ission approved the share buyback.
At the beginning of February, before the pandemic was announced, the firm mentioned: “The Chinese market only plays a small proportion, so the impact is not too large.”
As the pandemic has spread and affected many countries, the worst-case scenario for seafood exporters including Sao Ta was visible.
Recently, FMC stock has plu妹妹eted to the bottom of more than one year. Compared to the beginning of 二0 二0, FMC shares have decreased by 二 八 per cent.
Last year, Sao Ta Food's revenue decreased by VNĐ 一00 billion compared to 二0 一 八, to close at VNĐ 三. 七 trillion. Thanks to the sharp cut in cost, its profit before tax still reached VNĐ 二 三 六 billion, exceeding 三 一 per cent of the annual plan, profit after tax reached nearly VNĐ 二 三0 billion, an increase of 二 七 per cent compared to the profit achieved in 二0 一 八.
Based in the southern province of Sóc Trăng, Sao Ta engaged in farming and processing prawn and shrimp. Its products are mostly sold in Japan, the United States and Canada.
In 二0 一 八, Vietnamese agriculture and food company PAN Group JSC registered to buy nearly 四. 八 million shares of Sao Ta at VNĐ 三0,000 each to raise its holding in the firm to 四 五 per cent.
As per the latest data, PAN Group JSC and its members held 六 八. 五 per cent of the stake in Sao Ta. — VNS
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