Business Briefs 17 April 2019

17-Apr-2019 Intellasia | | 9:15 AM Print This Post

* Global ratings agency Standard & Poor’s has upgraded the long term issuer credit rating of the Bank for Investment and Development of Vietnam (BIDV) by one notch from B+ to BB- and kept the outlook “stable’: This is followed by its upgrade of Vietnam’s sovereign credit rating to ‘BB/B’ from ‘BB-/B; reflecting BIDV’s high systemic importance to the country’s banking system.

* Development Investment Construction Company (DIG) is seeking approval from its shareholders to issue US$100 million worth of non-con-vertible bonds in a private placement. The debt will come with a term of between three years and five years and a maximum coupon of 5% per year. The face value is US$1.000.000 per bond. DIG also plans to issue 15 million shares to pay a dividend at a 5-to-100 ratio for 2018 in the second quarter of this year. The issuance will raise the firm’s registered capital to VND3.15 trillion from the current VND3 trillion.

* The State Securities Commission has permitted Vietnam Dairy Products Company’s (VNM) bid for a 46.7% stake in GTN Foods Company (GTN) at VND13,000 per share, below GTN’s current share price of around VND17,100. If VNM successfully purchases 100% of the registered amount; its ownership in GTN would increase from 2.3% to 49%.

* Cuu Long Fish Corporation (ACL) said its consolidated net profit skyrocketed 9.26-fold year-on-year to VND54.5 billion in the first quarter of 2019 thanks to an increase in gross profit. Its revenue soared 34% to around VND445 billion in the period.

* The State Treasury of Vietnam raised VND1.8 trillion through a government bond auction on the Hanoi Stock Exchange last week. Some VND3 trillion worth of G-bonds were offered, including 10-year bonds valued at VND1 trillion, 15-year bonds worth VND1 trillion and 30-year and 7-year bonds each worth VND500 billion. Since the beginning of this year, the State Treasury of Vietnam has raised more than VND66.6 trillion from bond auctions.

* Minh Phu Seafood Corporation (MPC) said its export revenue climbed 3% year-on-year to US$71.7 million in the first two months of this year, meeting 8.4% of the full-year target. Of the amount, its export value to the U.S. climbed 11% to US$27.8 million arid its shipments to Japan edged up 5% to US$12.2 million.


Category: Business, Vietnam

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