Thoresen Thai Agencies Plc (TTA) said it has acquired a 100 percent stake in Vietnam’s EMC Gestion S.A.S, which controls Baconco, a manufacturer of fertilizer, for 374.40 million baht ($10.24 million) to develop its fertilizer import and export activities.

TTA president ML. Chanramsirichoke Chantorathat said the acquisition will support its dry bulk shipping business of more than 2 million tones annually.

The shipping company reported a net profit of 96.16 million baht for the second quarter from a quarterly sale of 4.30 billion baht.

Share of TAA was traded at 22.70 baht on Friday, up 0.20 baht from a previous section with trade volume of 2.36 million shares.

The acquisition of Baconco is funded from TTA’s working capital.