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High speed Phu Quoc boat service opens

Update: December, 31/2010 - 09:46
HA NOI — A high-speed boat service has officially opened between Rach Gia and Phu Quoc at a price of VND260,000 (US$12) per passenger.

The Song Hong (Red River) Co Ltd invested VND14 billion ($667,000) in the boat using modern technology from New Zealand and can travel at a speed of 28 nautical miles per hour. It can carry about 100 passengers.

Ha Noi expands seafood cultivation

HA NOI — The area used for seafood cultivation in the capital's suburbs has increased by 5 per cent over the same period last year, bringing the total area to 20,500ha. The area is expected to produce 56,600 tonnes of seafood this year, a year-on-year increase of 37 per cent.

Authorities have provided preferential policies to create favourable conditions for farmers to expand production.

Quang Ngai Sugar Co raises capacity

QUANG NGAI — Quang Ngai Sugar Co has doubled its processing capacity to 2,000 tonnes of sugar cane per day and purchased all available raw material in the central province.

The plant is expected to purchase and process over 400,000 tonnes of sugar cane and produce about 40,000 tonnes of refined sugar next year.

Salt output increases 50 per cent

HA NOI — Salt harvests totalled 1.2 million tonnes this year, an increase of 50 per cent on last year. Industrial salt output is expected to reach 240,000 tonnes and handmade salt output 960,000 tonnes. Authorities purchased stock from farmers when salt prices plummeted recently.

Vinacas to set floor price for cashew

HA NOI — The Viet Nam Cashew Association (Vinacas) wants to set a floor price for cashew products to protect cashew enterprises, according to vice chairman Nguyen Duc Thanh. The setting of a floor price will help stabilise prices for cashew products domestically and prevent enterprises from unsuitable price reductions.

Ben Thanh Services to list 3 million shares

HA NOI – Ben Thanh Services Co plans to list 3 million shares on the Ha Noi Stock Exchange on January 5 under the code of BSC. The company, operating primarily in food and tourism services and real estate, has charter capital of VND30 billion (US$1.4 million), of which Ben Thanh Corporation presently holds 45 per cent and Nam Long Joint Stock Co 21.54 per cent.

Sacomreal to issue convertible bonds worth $19m

HCM CITY – Sai Gon Thuong Tin Real Estate Co (SCR) will issue VND400 billion (US$19 million) worth of corporate bonds to finance the Phu My housing complex in HCM City. The bonds, with a face value of VND1 billion ($47,619), will have fixed terms of 3.5 years and will be offered to credit institutions and investment funds.SCR has also announced it would invest an additional VND44 billion ($2.1 million) in its subsidiary Sacomreal Trading Service Co, raising its total capital contribution to VND50 billion ($2.4 million).

Deutsche Bank ups stakes in pharmaceuticals, bakery

HCM CITY – Deutsche Bank AG London has became the largest shareholder in Vien Dong Pharmaceutical Co (DVD) after increasing its stake in DVD from 4.96 per cent to over 5 per cent. Deutsche Bank also became the leading shareholder in HCM City bourse-listed Kinh Do Corp (KDC) after acquiring 29,690 additional KDC shares, raising its stake in the commercial bakery company to over 5 per cent.

Phu My Fertilisers posts $88m profit, an increase of 21%

HCM CITY – Phu My Fertilisers (DPM) will post a profit of VND1.85 trillion (US$88.1 million) for the year, an increase of 21.7 per cent over the previous year and surpassing targets for this year. This year, DPM produced about 800,000 tonnes of urea, an increase of 5.9 per cent over the previous year and 8 per cent over targets. It also imported 150,000 tonnes of fertiliser in order to meet domestic demand.

DPM has targeted production of 770,000 tonnes of urea in 2011 and a net profit of VND1.45 trillion ($69 million).

Quang Nam Mineral Co pays two-year dividend

HA NOI — Quang Nam Mineral Industry Co (MIC) has set January 12 as the deadline for existing shareholders to register to participate in its two-year dividend payout. MIC will pay the first phase of dividends on January 24, paying 15-per-cent in cash, while a 17-per-cent dividend in form of shares will be paid later in the second phase.

MIC will also offer an additional 2.5 million shares at VND15,000 (US$0.7) to existing shareholders at a ratio of 1:1. Shareholders can transfer their buy rights from January 19 to March 4 and make payment until March 8.

Yesterday, MIC also listed additional 513,000 shares it previously issued to the strategic shareholders on the northern bourse. However, the share closed yesterday down 6.48 per cent to VND60,600 ($2.89). — VNS

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