Business Briefs 24 October 2018

24-Oct-2018 Intellasia | | 11:37 AM Print This Post

* Vietcombank (VCB) has submitted documents to the State Securities Commission seeking approval to issue 359.8 million shares, equivalent to 10 percent of its current volume of outstanding shares. According to Viet Capital Securities Company, VCB has previously flagged to the market that 54 million shares will be placed to Mizuho to maintain its 15 percent post-issue shareholding and, as stated at VCB’s 2018 annual general meeting, the remaining shares will be sold to fewer than nine institutional investors. If the scheme is done, VCB will become the biggest bank in Vietnam in terms of chartered capital with nearly VND40 trillion. It now ranks second with more than VND35.9 trillion behind VietinBank (CTG) with VND37.2 trillion.

* VietinBank (CTG) has announced to sell its entire 15 million shares, or a 4.9 percent stake, at Saigon Bank. VietinBank Securities Company has been picked as the consultant for the divestment.

* PetroVietnam Fertiliser and Chemicals Corporation (DPM) has posted official business results for the January-Septernber period, with revenue increasing 7.9 percent to VND7 trillion and after-tax profit declining 6.9 percent to VND551 billion. The net profit drop was due to a 27.7 percent jump in input gas costs, which outweighed an 8.6 percent rise in urea price and flat sales volume.

* Pham Thi lhu Ha, chairwoman of Postal Construction and Investment Company (PTC), has registered to buy over 8.7 million shares of PTC, or a 48.7 percent stake, from now to November 21. Transactions will be made via put-through. Ha currently has no PTC shares.

* Phuc Hung Holdings Company (PHC) has decided to issue over 2.5 million shares to pay a 2017 dividend for shareholders at 12%. It will make the payment in the last quarter of this year.

* Vietnam Growth Equity Fund has acquired 500,000 shares of am Kim Steel Company ( KG), raising its holding to over 10.9 million shares, equal to a 6 percent stake.

* Saigon Machinery Spare Parts Company “SMA” has announced October 29 as the ex-dividend date to advance a 2018 cash dividend for shareholders at 5%.

* PetroVietnam Low Pressure Gas Distribution Company (PGD) said its net profit rose 23.9 percent year-on-year to VND54.5 billion in the third quarter of 2018. Its revenue climbed 23 percent to VND2.2 trillion in the period.


Category: Business, Vietnam

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