Business Briefs 07 February 2020

07-Feb-2020 Intellasia | | 8:58 AM Print This Post

* The State Bank of Vietnam has allowed Military Commercial Joint Stock Bank (MBB) to revise up its charter capital to VND24.42 trillion (US$1.06 billion) from VND23.73 trillion, The capital hike through a private placement will help MBB expand its operations over the next three years, including digital banking. Earlier, MBB said that it was seeking to sell a 7.5% stake to one or more foreign investors, who could help the bank meet new international-standard capital requirements.

* Sonadezi Corporation (SNZ) said its consolidated net profit in the fourth quarter of 2019 jumped 77.19% year-on-year to VND264.59 billion, backed by a 68.4% decrease in financial costs at VND12.6 billion. During the period, SNZ’s net revenue climbed 20.67% from a year earlier to VND1.63 trillion while its gross profit soared 55.57% to VND692.97 billion. SNZ booked a consolidated net profit of VND674.78 billion on net revenue of VND4.98 trillion in 2019, up 40.35% and 15.41 % year-on-year, respectively.

* Dam Sen Water Park Corporation (DSN) has chosen February 24 as the record date for its shareholders to receive a 2019 final-round dividend in cash at 24%. The payment will be made on March 6.

* The board of directors at HCMC-based Rang Dong Holding JSC (RDP) on February 4 approved a transfer of 83,700 shares in Song Dung Logistics JSC to Ho Due Production Trading and Service Co., Ltd. After the transaction, RDP’s holding in Song Dung Logistics will fall to around 627,700 shares, or 45% of the total.

* Former bank executive Rahn Wood has been picked as CEO of Mai Linh Group Corporation, a major taxi operator in Vietnam, replacing Ho Huy, who is currently chairman of the company. The prevailing rules does not allow an individual to serve as both CEO and chairman of a public firm. The 54-year-old Australian Rahn Wood has over 30 years’ banking experience. He held executive positions at Eximbank and Vietnam International Bank, as well as Vietnam’s leading investment fund VinaCapital.

* Vietnam Steel Corporation, or STEEL (TVN), said it made a consolidated net profit of VND39.87 billion in the fourth quarter of 2019, compared to a consolidated loss of VND 295.91 billion in the fourth quarter 2018, supported by the cost decrease and the profit of its affiliate . TNV’s gross profit dipped 19.47% from the year-ago period to VND 143.98 billion on net revenue of VND5.63 trillion in quarter four, down 11.2% year-on-year. TVN made a consolidated net profit of VND430.49 billion on net revenue of VND23.61 trillion in 2019, up 6.32% and down 4.29% year-on-year, respectively.


Category: Business, Vietnam

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