Minh Phu Seafood Group Joint Stock Company recently announced key developments following its 2023 extraordinary general meeting of shareholders. The company gained approval to exempt public offers for MPC share acquisition by its leadership stakeholders.

Mr. Le Van Quang, Board of Directors member and General Director, along with his three daughters, will undergo significant share transfers. Ms. Le Thi Minh Phu, Ms. Le Thi Minh Qui, and Ms. Le Thi Minh Ngoc plan to acquire MPC shares, collectively increasing their ownership to over 33.08 million shares, constituting approximately 8.27% of capital.

The transfer, involving more than 22.7 million shares, is set to be executed in the first or second quarter of 2024. Estimated at the market price of $0.69/share on January 8, the transaction is valued at around $15.76 million.

In addition to the share transfers, Minh Phu Seafood diversified its business during the meeting, introducing real estate ventures limited to social housing projects, excluding commercial real estate.

Personnel changes included the resignation of two Supervisory Board members, Ms. Do Thi Hanh and Ms. Nguyen Thi Hong Cuc, and the election of Ms. Lam Thi Thuy Kieu and Ms. Vu Thi Thao Nguyen as replacements.

Financially, the company faced challenges in the first nine months of 2023, recording a 46% revenue decrease and a loss of nearly $4.5 million. This is a considerable deviation from the profit of over $23.45 million reported during the same period in 2022.

As of September 2023, Minh Phu Fisheries’ total assets reached $449.25 million, a 3% increase from the beginning of the year. Notably, inventory surged by 12%, reaching $232.12 million, while cash and cash equivalents declined by 50%, amounting to $17 million.