Business Briefs Jun 19, 2017

19-Jun-2017 Intellasia | | 4:27 PM Print This Post

*HCMCitybranches of VietinBank will sign credit contracts worth over VND8 trillion with 100 enterprises to help finance their production and business plans. The contract signing ceremony will take place today as part of a bank-business capital connection programme launched in the city in 2012. According to local authorities, nearly 4,000 customers have taken out loans valued at VND89.3 trillion under the programme. Meanwhile, regarding the overall banking business this year to date, short-term loans for five priority sectors in the city have reached VND148.7 trillion, with those offered to small and medium-sized enterprises accounting for

63.3 percent, or around VND94 trillion.

* An Phat-Yen Bai Mineral & Plastic Company (HII) will begin trading 13.6 million shares on theHCMCitymarket on June 22 at the reference price ofVNDll,900 each.

* Moody’s Investors Service has downgraded Saigon Thuong Tin Commercial Bank’s(Sacombank) long-term deposit and issuer ratings to Caa1 from B3 mainly on account of the bank’s weakened solvency position, as reflected in its large stock of problem assets. Concurrently, Moody’s has downgraded the bank’s baseline credit assessment to caa2 from caal to reflect the higher risk to the bank’s standalone financial position. The ratings outlook remains negative. In Moody’s view, the bank faces very high solvency and liquidity risks.

* Technology company VNG Corporation (VNG) targets a pre-tax profit of VND908 billion this year, soaring 34.7 percent against 2016.

Its revenue is expected to rise 31  percent to VND3.96 trillion. Foreign investors fromSingapore,Luxembourg,China, theUSandCanadanow hold a combined 49 percent stake in VNG. On May 30, VNG and the asdaq stock market signed a memorandum of understanding to enable the Vietnamese startup to launch an initial public offering on the

world’s second largest stock exchange by market capitalisation.

* Ba Ria Rubber Company (BRR) has received approval from the Hanoi Stock Exchange to debut 112.5 million shares on the market for unlisted public enterprises, or UPCoM, today. The initial price is set atVND12,700 a share. BRR has a registered capital of VND1.l2 trillion, of which the Vietnam Rubber Group holds a 97.47 percent

stake, said Viet Capital Securities Company.


Category: Business, Vietnam

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