Business Briefs 30 May 2019

30-May-2019 Intellasia | | 9:28 AM Print This Post

* Truong Thanh Furniture Corporation (TTF) has announced to take over Thien Thanh Sanitaryware JSC, according to The acquisition was approved at the extraordinary shareholder meeting in late October 2018. At another extraordinary shareholder meeting the following month, shareholders of TTF approved a plan to issue 96.6 million shares to swap for Thien Thanh shares at a ratio of 8.21 to 1. The deal will increase the furniture firm’s charter capital to VND3.15 trillion.

* Hoa Phat Group (HPG) has chosen June 4 as the ex-dividend date to pay a 2018 stock dividend for shareholders at a 3-for-l0 ratio. The steel maker will issue an additional 637 million shares to fund the payment.

* HCMC Infrastructure Investment Company (CII) has registered to buy one million shares of CII Infrastructure Construction Company (CEE) from May 31 to June 28, thus raising its ownership at CEE to 24.76 million shares, equal to a 62.69% stake.

* Vietnam Thuong Tin Commercial Bank (Vietbank) has opened a new transaction office on Do Xuan Hop Street in HCMC’s District 9. The bank got approval from the State Bank of Vietnam to open 18 new branches and transaction offices this year.

* Vicostone Company (VCS) will receive a 100% stake of Phenikaa Hue Mineral Processing and Investment Company held by AM Green Phoenix Joint Stock Company (Phenikaa) within this month. The total transfer value will be VND50 billion. Currently, Phenikaa holds an 81.6% stake, or 128 million shares, of VCS. VCS made a net profit of VND259.7 billion from its revenue of VND1.13 trillion in the first quarter of this year, up 18.8% and 17% year-on-year, respectively.

* American Vietnamese Biotech Inc. (AMV) plans to issue VND280 billion worth of convertible bonds in a private placement this year. The debt will have a term of between one and three years. In 2019, AMV targets a net profit of VND230 billion from its revenue of VND850 billion, up 5% and 89% versus last year, respectively. It plans to move its share listing to the Hochiminh Stock Exchange in the 2019-2020 period from the Hanoi Stock Exchange.


Category: Business, Vietnam

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