HANOI, Aug 20 - Vietnamese food and agricultural firm PAN Group JSC said on Monday it was planning to raise at least 817.3 billion dong ($35.09 million) by selling an 11 percent stake to Japan’s Sojitz.

It is seeking approval from its shareholders to sell 14.86 million new shares in a private placement at up to 55,000 dong per share, a discount of 4.8 percent to Friday’s close.

The shares will be issued within this year, it said, adding that they would not be transferable for one year.

Vietnam is a major global exporter of farm produces such as rice, coffee, pepper and cashew nuts.

With a population of over 93 million, and consumption of food and related products expected to rise 10 percent annually over the next five years, the country is a promising market, PAN said on its website.

Shares of PAN Group rose as much as 3.8 percent to a seven-week high and were last up 3.1 percent. ($1 = 23,293 dong)