Business Briefs 07 November 2019

07-Nov-2019 Intellasia | | 8:57 AM Print This Post

* Tien Phong Commercial Bank (TPB) has joined Ripple’s block chain-based payments network, RippleNet, seeking faster international money transfers. Claiming to be the first Vietnamese bank to apply blockchain technology for overseas remittances, the bank announced on Monday that RippleNet will allow its customers to make a money transfer from Japan to a TPB account in a “few minutes” from a “few hours” previously. RippleNet immediately updates information and status of each transaction to all parties, ensuring money orders are quickly executed, “error-free and with low cost.

* Thailand-based WHA Utilities and Power PLC (WHAUP) has acquired a 34% stake in the Duong River Surface Water Plant. The sale of shares in the biggest water treatment plant in northern Vietnam was worth VND2.07 trillion. The acquisition is part of the Thai investor’s strategic plan to expand its utilities business beyond the industrial estates of WHA Group, a leading Thai industral property developer and WHAUP’s holding company.

* The Bank for Investment and Development of Vietnam (BIDV) has issued 603.3 million shares to South Korea’s KEB Hana Bank. The shares issued via a private placement with a price of VND33,640 per share have been restricted from transfers for the next five years. Total proceeds from the deal reached more than VND20.3 trillion. Having deducted nearly VND27 billion of issuance costs, BIDV collected more than VND20.27 trillion, thereby raising its charter capital to more than VND40.2 trillion from the previous VND34.2 trillion.

* Development Investment Construction JSC (DIG) said its consolidated net profit soared 38.63% year-on-year to VND62.31 billion in the third quarter of this year. DIG’s net revenue fell 5.77% from a year earlier to VND596.93 billion while its gross profit rose 2.1 % year-on-year to VND 171.72 billion in the three-month period. DIG made a consolidated net profit of VND92.93 billion on net revenue of VND1.29 trillion between January and September, down 25.52% and 21.04% year-on-year, respectively.

* Phan Tan Dat, board chairman of DRH Holdings JSC (DRH), will be purchasing two million DRH shares through order-matching transactions from November 7 to December 12. If successful, he would raise his stake in DRH to over 2.3 million shares, or 3.8%.

* Construction JSC No.3 (VC3) plans to issue more than 4.25 million shares to pay dividend for its shareholders at 15%. The record date is scheduled for November 11.


Category: Business, Vietnam

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