Pan Pacific VN

active

The proposed investment is a US$6.5 million equity investment in Pan Pacific Corporation (“PAN” or the “Company”), a listed agribusiness conglomerate in Vietnam with market capitalization of US$123 million as September 25, 2014, to support the company’s US$35 million expansion which comprises (i) acquisition of a target company in consumer food sector, (ii) purchase of an additional stake of Long An Food Processing Export JSC (“Lafooco”), cashew processor, (iii) initial capex to set up a packaged rice business, (iv) purchase of additional stakes in its subsidiary Ben Tre Aquaproduct Import Export Joint Stock Co (“ABT”), and (v) acquisition contingency (the “Project”). PAN is an agribusiness conglomerate managing three businesses, namely aquaculture, seed and a legacy cleaning services. Its vision is to become a dominant regional multi-national corporation agribusiness and food conglomerate. PAN stands today as the first producer and distributor of crop seed in Vietnam. PAN is the majority shareholder of Northern Seed Company (NSC) which, a producer and distributor of conventional rice, hybrid rice, glutinous corn, yellow corn and vegetable seeds, and will integrate Southern Seed Company (SSC) into this operation. PAN also controls a fully integrated aquaculture production in the Mekong Delta, namely ABT, with a pangasius production capacity of 10,000mt/year and white/brown clam (whole shell) sourcing volume of 5,000MT/year. PAN is also partially involved in the processing of packaged cashews, through Lafooco. Lafooco owns three factories in southern Vietnam and is the second largest cashew exporter in Vietnam with an annual capacity of 35,000 MT.