The management board of Gia Lai Sugar-Thermal Power Joint Stock Co (coded SEC) has decided to increase the chartered capital to 181 billion dong via two phases of paying dividend in shares.
Accordingly, in Q2, the company will issue 2,901,098 shares, using the company’s Q1 after tax profit. These shares will be used for purposes of advancing first round dividend for existing shareholders in shares at ratio of 20 percent.
SEC will close the shareholders list in Q2 after getting approval from the State Securities Commission (SSC). After the share issuance, the company’s chartered capital will be increased from 145 billion dong to 174 billion dong.
After the first phase, the firm will continue hiking chartered capital for the second phase via paying 2011 dividend – the second phase in shares at 5 percent. At the same time, SEC will pay dividend in cash. Finally, the company’s chartered capital will be raised to 181.3 billion dong.