Korean group signs strategic partnership deal with local fisheries processor
Source: 25-SEP-2008 Intellasia | Thoi Bao Kinh Te Vietnam
Sep 25, 2008 - 7:00:00 AM Bac Lieu Fisheries Joint Stock Co (coded BLF) recently signed a cooperation contract with the foreign strategic partner SAJO Industries from Korea.

A representative from SAJO Industries said that the group will realise the development strategy in Vietnam through its member company SAJO Daerim after signing with BLF.

Addressing at the signing ceremony, BLF representatives also appreciated highly the significant role of SAJO Industries in its ambition to expand business to Korea.

SAJO also pledged to support capital to BLF to develop projects on processing surimi fried fish in Bac Lieu province's Ganh Hao area by spending 30 billion dong buying corporate bonds issued by BLF. The bonds carry the coupon rate of 18% per annum with the grace period of one-year. Also the fisheries processor gave the right to buy two million new BLF shares to SAJO.

In which, 500,000 shares will be issued at 18,000 dong per share and the remaining 1.5 million shares at 16,000 dong each with the transference limiting duration of two-years. This is also the term for SAJO Industries to become the foreign strategic partner of BLF.

The Korean group said that before deciding to select Bac Lieu Fisheries JSC to be a partner, it spent over two-years to seek Vietnam's market and prestigious firms in the sector.

Currently, the project on building a surimi fried fish processing factory in Bac Lieu was finished and expected to start operation in next month with a designed capacity of 6,000 tonnes a year.