Business Briefs 16 Aug 2018

16-Aug-2018 Intellasia | | 8:45 AM Print This Post

* Vietnam National Petroleum Group (PLX) has asked the Ministry of Industry and Trade to approve the lifting of its foreign ownership limit from the current 20% to 49% in preparation of the Government’s reducing its stake from 76% to 51 %. In addition, PLX also proposed deferring the time of the divestment to 2019-2020, rather than 2018 as previously planned.

* Phuong Nam Cultural Company (PNC) will seek approval from its shareholders to divest its entire 7.5% stake in CJ CGVVietnam, a subsidiary of South Korean CJ Group, to settle its debts, said Viet Capital Securities Company. PNC plans to sell the holdings at the price ofVNDI0l billion. In June, the firm sold a 12.5% stake of CJ CGV Vietnam to Black Diamond Investment Joint Stock Company at the price ofVND150 billion.

* Due Giang-Lao Cai Chemicals Company (DGL) aims to earn a net profit ofVND197.4 billion on revenue ofVND1.44 trillion in the third quarter of this year, up 6.4-fold and 1.86-fold year-on-year, respectively.

This year, DGL also plans to purchase 5.75 million shares of Vietnam Apatite Phosphorus Joint Stock Company to raise its holdings in the latter to 51 % from the current 46.7%.

* Agriculture Printing & Packing Company (INN) will spend VNDI0.8 billion paying a dividend ofVND1,000 per share as of August 22 for 2017. Currently, the firm has 10.8 million outstanding shares. The firm will make the payment on August 31. INN will also issue 3.24 million shares for bonus giving at a 1O-for-3 ratio on the record date of August 22.

* Post-Telecommunication Insurance Corporation (PT!) aims for revenue ofVND 10 trillion and a 10.5% share of the non-life insurance market in 2025. The firm also targets to remain its leading position of service quality in 2025. PTI made a net profit ofVND30 billion on revenue ofVND1.5 trillion in the first half of this year, down 34.7% and up 17.6% year-on-year, respectively.

* Artex Securities Company (ART) has applied to list nearly 37.2 million shares on the Hanoi Stock Exchange. The firm is trading its hare on the market for unlisted public enterprises, or UPCo. 1, with share price at around VND8,800 each. Earlier, it issued over 6.2 million shares to pay dividend at 20%.


Category: Business, Vietnam

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