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Malaysian-invested food company lists on exchange
18 October 2006, Viet Nam News
HCM CITY - Some 133,000 shares of the Interfood Shareholding Company (IFS) were traded yesterday at the price of VND50,000 each at the HCM City Securities Trading Centre.
Interfood is the 51st company to list on the ever-growing exchange, and the fourth foreign-invested company.
The other three foreign-invested companies are Taya, Chang Yih and Full Power.
Interfood was set up in October 1991 with an initial investment capital of US$1.14 million, which grew to the current VND242 billion ($15 million) after a public issue of more than VND57 billion (in face value) earlier this year.
Under existing regulations, a foreign-invested company can only list a share volume equal to the amount earlier issued and sold to the public.
The company runs two factories in Dong Nai Province that make PET bottles and produce canned food and drinks, biscuits and wafers under the Wonderfarm, Tops, Zizy and Okayo trademarks.
It has been awarded a certificate on food safety and quality management from the German organisation TUV North for HACCP (Hazard Analysis and Critical Control Point).
In the first half of this year, Interfood netted VND29.6 billion in profit, equal to 58 per cent of the profits earned for 2005, said company chairman Pang Tee Chiang.
The company targets net profit this year to VND67 billion, with the figure expected to rise to VND92 billion next year.
Under current state policy, the company received a 50 percent reduction in corporate income tax for 2006 and 2007.
Interfood plans to invest $7 million to expand production in the 2006 – 08 period.
