Business Briefs 26 Aug 2019

26-Aug-2019 Intellasia | | 9:11 AM Print This Post

*PetroVietnam Mud Drilling Corporation (PVD) has said its revenue in the second quarter dropped 34% year-on-year to VND413 billion. However, as its gross profit gained 22% to VND63 billion, the company got V D16 billion in after-tax profit, almost double last year. According to the company, its drilling liquid sales grew, helping boost its gross profit. Meanwhile, the decline of revenue was attributed to the firm’s shutting down its plastic bead business.

* Hang Xanh Motors Service Company (HAX) expects to raise its foreign ownership limit (FOL) to 100% in the coming time, said Viet Capital Securities Company. As of June 28, HAX had had two major shareholders, namely Chairman Do Tien Dung with a 23.86% stake and, Vu Thi Hanh, a member of the management board, with a stake of 15.57%. HAX has no major foreign shareholder and the current foreign room is 40%. In 2018, HAX planned to issue 10 million shares at a minimum price of VND10,000 each to raise its registered capital to VND450 billion. However, HAX failed to implement the share sale plan because of its poor performance.

* Truong Hoang Vu, a board member of Landmark Holding Company (LMH), has registered to buy 1.5 million LMH shares from August 26 to September 24. If the transactions are done, Vu will have his ownership rising from 0.73% to 7.16% and become the biggest shareholder of the enterprise. The LMH share price is around VND16,500 on the Hochiminh Stock Exchange.

* Vietnam Engine and Agricultural Machinery Corporation (VEA) may miss its listing plan due to the recent arrest of former directors, according to vietstock. vn. VEAM is trading more than 1.3 billion shares on the market for unlisted public companies, or UPCoM. The company planned to move its listing to the Hochiminh Stock Exchange this year. The plan was approved at the firm’s annual shareholder meeting on June 30.

* Asia Commercial Bank (ACB) plans to offload 41.4 million treasury shares between 2019 and 2020, of which 6.2 million shares will be distributed under an employee stock ownership plan, as announced at the 2019 annual general meeting, in September. The remaining shares would be offered to the public in the second quarter of 2020.

 


Category: Business, Vietnam

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