Business Briefs 04 Jun 2019

04-Jun-2019 Intellasia | | 8:43 AM Print This Post

* Saigon Thuong Tin Commercial Bank (STB) has set a pre-tax profit target of VND2.65 trillion for this year, an increase of 18% versus 2018. It made VND2.24 trillion in pre-tax profit last year, or 22.3% higher than targeted. Moody’s Investors Service upgraded STB’s outlook rating from “negative” to “stable” to reflect its stabilized solvency profile and progress in the recovery of problem assets.

* FLC Group (FLC) plans to invest in three projects in the northern province of Bac Kan with a total area of more than 2,600 hectares. These include an entertainment and eco-urban area on Ba Be Lake. The second project is Quang Khe resort and entertainment complex and the third is a resort and urban area in Bac Kan City.

* Phu My Fertilizer Plant, a member of the PetroVietnam Fertilizer and Chemicals Corporation (DPM), has completed its maintenance period eight days earlier than expected, said At the end of March, DPM announced the maintenance period for the plant would last 80 days. In 2019, DPM plans to produce nearly 671,000 tons of urea fertilizer, down by 145,000 tons compared to 2018, and 150,000 tons of NPK fertilizer, up by 92,000 tons.

* Singapore’s MPM Investments Pte Ltd successfully bought 10.2 million shares of Minh Phu Seafood Corporation (MPC) on May 24. After the transaction, MPM Investments has become a major shareholder of MPC,holding a 7.29% stake. Earlier, MPC approved a plan to issue 60 million shares, or a 30% stake, to MPM Investments at VND50,630 each. After the sale, MPC expects to fetch VND3.04 trillion and raise its registered capital to VND2 trillion.

* Power Engineering Consulting Company 2 (TV2) has approved a plan to issue 2.46 million shares to pay a dividend at a 2-for-10 ratio for 2018 between the second and third quarter of this year. TV2 has received approval from the Hochiminh Stock Exchange to move 12.31 million shares to the bourse from the Hanoi Stock Exchange on June 6 at a starting price of 151,000. TV2 made net profit of VND51.6 billion from its revenue of VND637 billion in the first quarter of this year, down 12% and 105% year- on-year, respectively.


Category: Business, Vietnam

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