Vietcombank auctions off assets of egg production factory in Phu Tho
Vietcombank, one of Vietnam’s leading commercial banks, has recently announced the auction of secured assets belonging to its customer, DTK Phu Tho Co., Ltd., with a starting price of VND 131.275 billion.
The assets up for auction include all construction works, synchronized machinery and equipment, and means of transportation of a clean egg (currently ceased operations) factory, built on a total land area of 408,627.5 square meters of other agricultural land in two land-use right certificates. The land was leased by the Phu Tho Provincial People’s Committee for a period of 49 years (from 2/2016 to 2/2065) in the form of annual land rent to implement the project in Zone 1, Te Le Commune, Tam Nong District.
This is not the first time Vietcombank has advertised the sale of assets related to the aforementioned clean egg production factory in Phu Tho province. Previously, the bank had offered for sale the assets of DTK Phu Tho since 2020, with a starting price of up to VND 554 billion.
By August 2021, the two assets were reduced in price to only VND 273 billion (including a starting price of VND 21.28 billion for the contributed capital).
Up to now, there is no information about the above-mentioned shares, while the starting price for the auction of the factory is just over VND 131 billion.
DTK Phu Tho Co., Ltd. officially introduced its clean egg products under the Freskan brand in 2017.
According to our understanding, the assets for sale, which include a clean egg production factory of DTK Phu Tho Co., Ltd., were considered the largest project in Vietnam in the field of high-tech clean egg production as of March 2017. The clean egg factory, invested by DTK JSC, was constructed on an area of over 42 hectares in Te Le Commune, Tam Nong District, Phu Tho Province.
The basic items include four rear hen houses (chickens under 18 weeks old) with a capacity of 52,800 chickens per house; 12 laying houses with a capacity of 51,200 chickens per house; and an egg packaging system with a capacity of 60,000 eggs per hour.
Initially, the factory was expected to produce 175 million clean eggs per year, equivalent to 500,000 eggs per day, and laying hen meat after 80 weeks.
The high-tech clean egg production project of DTK Company had a total investment of over VND 800 billion, of which VND 600 billion was funded by Vietcombank with a loan term of 15 years.
However, just three years after its operation, the business results of this clean egg production factory did not meet expectations, and the bank proceeded to seize the secured assets to recover the principal debt.
