Business, banking and stock market report May 15

* Singapore’s SP Chemicals Ltd. Co. has decided to stop the US$11 billion project in Phu Yen Province’s Dong Hoa district. The project includes Hoa Tam Petrochemical Industrial Zone and Naphtha Cracking Phu Yen Petrochemical Complex.

* Vietnam Distribution Network Development and Investment Joint Stock Co (VDA) started the construction project of a distribution base depot in Hau Giang province (VDA Hau Giang), located in TGan Phu Thanh industrial zone, Chau Thanh A district.

* Binh Thuan Province People’s Committee was to grant the investment licence to Asia Renewable Energy Corp (Renergy Corp.) in Phan Thiet today for construction project of Thuan Nhien Phong wind power plant in Bac Binh district, Binh Thuan province.

* The first turbine of Pleikrong hydropower plant was planned to officially supply commercial electricity on May 24.

* Dry Cell and Storage Battery Joint Stock Co (coded PAC) posted its April turnover of 98 billion dong with gained profit of about 11 billion dong. In Q1 of 2009, PAC’s net revenue reached 283.532 billion dong and the after tax profit of 32.122 billion dong.

* Imexpharm Pharmaceutical Joint Stock Co (coded IMP) announced that Binh Duong Cephalosporine factory would be opened at the beginning of 2010, four month later than the plan. The factory has finished 70 percent of the basic construction work till now.

* Minh Phu Seafood Processing Co (MPC) last year obtained 2.88 trillion dong in revenue but suffered loss of 38 billion dong. The company this year targets 3.17 trillion dong in revenue and 236 billion dong in pre-tax profit.

* Refrigeration Electrical Engineering Joint Stock Corp (coded REE) estimated to gain a net revenue of 95.16 billion dong and pre-tax profit of 30.77 billion dong in April.

* Dai Viet Energy Joint Stock Co (Vinagas) announced Q1 revenue of 90 billion dong, up by 83.7 percent year on year, a pre-tax profit of 8.6 billion dong, increasing 200 percent against last year.

* Vietnam Oil and Gas Group (PetroVietnam) proposed the Ministry of Industry and Trade to raise the selling price of gas produced from the Cuu Long basin to big consumers including power plants of Electricity of Vietnam (EVN) from May 1, 2009.

* Minh Chien Construction has been licensed to build the Nuoc Chim hydroelectric plant in Kon Turn Province’s Tu Mo Rong District. The plant is invested with over 50 billion dong and has a designed capacity of 2.5 megawatts.

* Saigon Fuel Co (SFC) will trade 1.19 million additional shares on the HCM City stock exchange on May 15.

* Saigon Beverage Co. (TRI) has announced to sell 25 million shares to strategic partners to mobilise funds for its operation that has faced difficulties. The company expects to raise 125 billion dong from the issuance.

* Manulife Progressive Fund (MAFPFl) has announced its net asset value (NAV) per unit by May 7 at 5,448 dong, increasing 653 dong from a week earlier. Meanwhile, NAV per unit of Vietnam investment Fund (VFMVFl) by May 7 was 18,690 dong, increasing l,114 dong from the previous week, and NAV per unit of Vietnam Blue-chips Fund (VFMVF4) increased 884 dong to l0,105 dong on the same day.

* Vietnam Joint Stock Bank for Foreign Trade (Vietcombank) on May 12 announced that it would close the list of shareholders to deposit 112,285,426 shares on June 1 to prepare for the forthcoming listing on Ho Chi Minh Stock Exchange (STC).

* Prudential Vietnam Finance One Member Co Ltd obtained the approval of State Bank of Vietnam’s governor to raise its chartered capital from 370 billion dong to 615 billion dong and amend its organisation and operation regulation.

* According to SBV’s Official Letter No 3415/NHNN-CNH dated April 13, Viet Thai Joint Venture Bank-VINASIAM Bank (VSB) was licensed to triple the chartered capital from $20 million to $61 million.

* Military Commercial Joint Stock Bank (MB) pledged to provide loans to those who purchase houses of the projects invested by Hoang Anh Gia Lai JSC, Nova Real Estate Investment JSC and Kien A Investment and Service Ltd Co (Inveskia), according to a cooperation deal signed between three sides.

* Housing and Urban Development Financial Investment Corp (HUDFIC) signed a strategic agreement with Vietnam International Commercial Joint Stock Bank (VIB Bank) and Vietnam Technological and Commercial Joint Stock Bank (Techcombank) on May 14.

* Saigon Commercial Joint Stock Bank or SCB reported that its pre-tax profit in April reached over 75 billion dong, bringing the total figure of first four months to more than 240 billion dong while its total asset achieved 40.005 trillion dong, jumping 41.23 percent compared with the same period of 2008.

* An Binh Commercial Bank (ABBank) in the first four months of this year obtained l13.7 billion dong in after-tax profit. The bank yesterday opened a branch in Hai Phong City under the plan to widen its network to 100 units nationwide by the end of this year.

* Asia Commercial Joint Stock Bank (ACB) raised the dong deposit rate for all terms by the highest rise of 1 percent pa whereby the deposits with terms of 3-9 months carry the interest rate of 7-7.85 percent pa, 12-36 months at 8.05-8.6 percent pa.

* Vietnam Thuong Tin Commercial JS Bank increased the dong rates by 0.1-0.25 percent a year. Customers sending deposits of over one billion dong will receive a plus rate of 0.25 percent pa while 0.22 percent of bonus rate will be applied on deposits of from 500 million dong to one billion dong, 0.2 percent pa for 200-500 million dong, 0.15 percent for 100-200 million dong, and 0.1 percent for deposits of 50-100 million dong.

 

Category: Stocks