Sao Ta Foods Joint Stock Company announced that it expects to receive VND 50 billion in funding from Hung Vuong Corporation and other investors.

Sao Ta Foods Joint Stock Company (HOSE:FMC) announced a private placement of 5,000,000 common shares at VND 10,000 per share for gross proceeds of VND 50,000,000,000 on November 16, 2012. The company will issue the shares to its major shareholders and strategic partners. The transaction will see participation from existing investors Hung Vuong Corporation, Vinh Thuan Co., Ltd, and Viet Phu Foods & Fish Corporation.

The transaction was approved by the board of directors of the company. On closing, the estimated charter capital of the company will be VND 130,000,000,000.