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Seafood firms sell assets to stay in business

Update: June, 21/2013 - 09:00

HCM CITY (VNS)— Viet Nhat Seafood (VNH) yesterday announced it had to sell some of its assets to raise capital for its operation.

Specifically, it will sell VND12 billion (US$571,400) in Phu Nhat Canned Food Co Ltd, which has a charter capital of VND36 billion ($1.7 million).

In addition, it had sold a VND54 billion ($2.5 million) property in HCM City to Sai Gon Trading Group earlier this year.

The company expects modest revenue and profits of just VND80 billion ($3.8 million) and VND4 billion ($190,000) for this year.

VNH shares lost 3.8 per cent yesterday to just VND2,500 ($0.10). — VNS

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