Hoa Binh Joint Stock Co’s second shareholders’ meeting in 2008 recently passed the plan to scale up chartered capital from the current of 30 billion dong to 100 billion dong. In addition, the meeting also agreed to retail 30 billion dong of convertible corporate bonds
These bonds will be issued by the first quarter of next year and the conversion time is scheduled in 2011.
The conversion ratio, coupon rate and the time will be defined by the director board.
The company would hike chartered capital in three phases. In the first phase, the company would offer 3.6 million shares to increase chartered capital from 30 billion dong to 66 billion dong by the end of the year. Of which, 750,000 shares will be bonus shares to the existing shareholders at the ratio of 10:2.5 and 2.25 million shares will be offered as advance dividend for the first phase of 2008 at the ratio of 10:7.5. The time to close the shareholder list is on November 15 and the payment date is on November 22. In addition, the company would issue 600,000 shares as advance dividend for the second phase of the year at the ratio of 10:1.
In the second phase, Hoa Binh JSC would offer 1.65 million shares to raise chartered capital to 82.5 billion dong in 2009. The last phase will be carried out during 2010-2011. In this stage, the company would issue 1.75 million shares to hike chartered capital from 82.5 billion dong to 100 billion dong.