Business Briefs 19 March 2019

19-Mar-2019 Intellasia | | 9:22 AM Print This Post

* PetroVietnam Power Corporation (POW) is seeking to raise USS1.4 billion for its Nhon Trach 3 and 4 thermal power plants. POW will provide 30% of the capital and the remaining will be borrowed from either local banks or international financial institutions. At the moment, seven local banks have committed to lend a maximum of VND25 trillion (US$1.1 billion) while the company has been promised a US$400 million loan from international financial creditors without government guarantees, said Viet Capital Securities Company.

* Around 190 foreign investors were granted trading codes in February, bringing the total number of foreign investors participating in the local stock market to 29,454, according to statistics of the Vietnam Securities Depository. The number of new foreign entrants in February was the lowest. since January 2017,75 fewer than January and 261 lower than the same month last year.

* FPT Retail Company (FRT) is targeting revenue of VND 17.7 trillion and after-tax profit of VND418 billion in 2019, up 16% and 20% against last year, respectively. Key growth drivers include new store openings, EFriends telco price subsidy programs, online sales and sales of accessories and simcards.

* Nguyen Thanh Phong, an independent board member of Binh Duong Water and Environment Company (BWE), has acquired 490,000 BWE shares to spur his holding to 0.99%, or 1.49 million shares.

* The Vietnamese Ministry of Construction on March 29 will auction 80.58 million shares, or a 17.97% stake, in Viglecera Corporation (VGC) via the Hanoi Stock Exchange at an initial price of VND23,000 each. Earlier, Gelex Equipment Company Limited bought 27 million shares, or a 6.02% stake, of VGC. After the purchase, GEX and its subsidiaries hold a combined 44 million shares of VGC, or a 9.8% stake. Notably, Dragon Capital offloaded the same amount of VGC shares via put-through on February 26-27 at the price of VND20,000.

* Song Hong Construction Company (ICG) has announced to buy back over 2.4 million shares as treasury shares to stabilize share market price. Transactions will take place from March 22 to April 21.


Category: Business, Vietnam

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