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Sugar firm to open Singapore subsidiary

Update: July, 08/2014 - 08:34
A truck carries materials for sugar production at Ninh Hoa Sugar Co. The company will have an affiliate in Singapore. — Photo

HA NOI (VNS)  — The Ninh Hoa Sugar Joint Stock Company (NHS) will establish an affiliate firm in Singapore's High Street Centre, with the investment capital coming from its own equity.

According to a management board decision issued last Friday, the subsidiary will be named the NHSS Private Limited Company and will have a charter capital of VND14.7 billion, or US$700,000.

It is expected to sell about 6,000 tonnes of sugar and 10,000 tonnes of byproducts per year, within an operational term of 50 years.

Ninh Hoa is based in the central Nha Trang City and has over VND915 billion, or $43.57 million, in equity. — VNS

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