Business Briefs 15 February 2019

15-Feb-2019 Intellasia | | 9:10 AM Print This Post

* Platinum Victory Pte Ltd, a subsidiary of Singapore-based Jardine Cycle & Carriage Limited and the second biggest foreign shareholder of Vietnam Dairy Products JSC (VNM), will launch its second bid to acquire an additional 17.4 million VNM shares via matching and put-through transactions from February 14 to March 15 after a recent failed attempt. The firm wants to increase its stake in Vietnam’s largest dairy processor from the current 10.62% to 11.62%, or 202.26 million shares.

* Investment and Industrial Development Corporation (Becamex IDC), a major shareholder of Binh Duong Water Environment JSC (BWE), will be offloading 24 million BWE shares via matching and put -though transactions from February 18 to March 19. If successful, Becamex IDC would reduce its stake in BWE from the current 41 % to 25%, equivalent to 37.5 million shares. In a related development, BWE chairman Nguyen Van Thien has registered to buy 500,000 BWE shares between February 14 and March 14 to raise his ownership in the firm to l.59%, or over 2.39 million shares.

* Hang Xanh Motors Service JSC (HAX) said its audited consolidated net profit-climbed 16.5% year-on-year to VND98.2 billion from its net revenue of VND4.76 trillion, up 24% year-on-year, in 2018. The Mercedes Benz dealer plans to buy one million treasury shares via matching and put-through transactions at the market price but not higher than VND16,600 per share.

* The board of directors at Seaprodex Refrigeration Industry Corporation (SRF) is aiming for a pretax profit of VND70 billion from its projected revenue of VND1.7 trillion this year. The firm has also chosen February 25 as the record date for its first cash dividend payment for 2018 at 7%. The payment is expected to start from March 8.

* Petrovietnam Securities Incorporated (PSI), a shareholder of TMT Motors Corporation (TMT), acquired around 7.4 million TMT shares, equivalent to 20% earlier this month, hence becoming its major shareholder. Before the transaction, PSI only held nine shares in TMT.

* IB Securities JSC (VIX) intends to issue VND200 billion worth secured inconvertible bonds via private placements. The bond will come with a term of three years and an annual coupon of no more than 12%. Its face value is VND 100 million each. The bond sale is expected to take place this quarter.


Category: Business, Vietnam

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