Business Briefs 12 November 2019

12-Nov-2019 Intellasia | | 8:48 AM Print This Post

* South Korea’s credit issuer Hyundai Card has struck a deal allowing it to buy half of total shares in Vietnamese consumer finance firm FCCOM for nearly US$42 million, said The deal is expected to be complete in the first quarter of 2020 and the post-merger company will start operating in the second half of 2020. FCCOM is a member company of the Maritime Commercial Bank.

* Petro Vietnam Power Corporation (POW) reported VND793 billion in after-tax profit in the third quarter of this year, four times higher than the same period last year. During the period, the company earned revenue of VND7.92 trillion, an increase of 14% year-on-year.

* VPBank (VPB) has spent VND1.1 trillion buying back 50 million shares as treasury shares. The purchase aims to stabilize VPB’s stock price on the Hochiminh Stock Exchange.

* HD Bank (HDB) in the third quarter of this year saw its pre- tax profit increasing by 51 % year-on-year to over VND 1.23 trillion. The non-performing loan ratio of the parent bank was 1.1 %.

* Property developer FLC Group (FLC) has cancelled the issuance of 300 million shares for current shareholders due to unfavorable market conditions. Earlier, the group announced it would sell nearly 300 million shares to current shareholders at a ratio of 42.2% and a price of VND 10,000. If the deal had been successful, FLC Group would have got nearly VND3 trillion to raise its charter capital to VND10.1 trillion.

* MB Securities Company (MBS) plans to issue five covered warrants that will mature in mid-January and late April next year. The five underlying stocks are steel producer Hoa Phat (HPG), Phu Nhuan Jewellery JSC (PNJ), Techcombank (TCB), logistic firm Gemadept (GMD) and dairy company Vinamilk (VNM).

* Huu Nghi Food Company (HNF) plans to issue 10 million shares to existing shareholders to increase its charter capital from VND200 billion to VND300 billion. The company will offer the shares for VND10,000 each. The proceeds from the share sale will be used to pay short-term loans totaling VND92.4 billion and add working capital for production and business.


Category: Business, Vietnam

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