Between Q3 and Q4 of 2009, Kien Long Securities Joint Stock Co (KLS) will retail six million shares to nearly 100 investors aiming to scale up its chartered capital from 600 billion dong to 660 billion dong.
The selling price will be fixed by KLS's board of directors based on negotiations with buyers and the market situation at the selling time but no less than the book value of KLS share code on June 30, 2009.
According to KLS, the capital raised from the share retail will be used to upgrade the infrastructure and technical system, and expand its market share in south.
Within this year, the broker will register and list extra 850,000 preferential shares of founding shareholders. These shares will be converted into ordinary shares on August 1, 2009.
In Q1, the securities company reached total revenue of 27.3 billion dong, equalling to one third of the figure of the same period of 2008, but it posted a loss of 3.5 billion dong.
On March 31, the cash volume of the company gained 501 billion dong, up 90 billion dong against the year early while short term securities investment reduced from 41 billion dong to 14 billion dong. Long term financial investment almost was kept at over 298 billion dong. Payable debts of KLS accounted for 14 percent of its total capital at that time.
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