Business Briefs December 16

16-Dec-2016 Intellasia | | 1:13 PM Print This Post

* The Ministry of Transport has approved the resignation of Tran Ngoc Thanh as chair of Vietnam Railways Corporation (VNR), with effect from December 16, Thanh Nien newspaper reports. deputy minister Nguyen Ngoc Dong has been picked to temporarily replace Thanh until another person takes the helm of VNR. The ministry earlier planned to transfer Thanh, 56, to the department of natural disaster control and search-rescue under its management but he tendered his resignation, expressing his wish for early retirement.

* In the face of growing competition from local rivals, the market share of Vietnamese petroleum giant Petrolimex has dropped to around 30 percent in the country’s southern localities despite retaining nearly 50 percent of the market nationwide, according to the Ministry of Industry and Trade.

* The total value of Vietnam’s fresh and frozen tuna exports to China in the first ten months of 2016 amounted to $15.5 million, a 75 percent increase compared to the same period of last year, according to figures provided by Vietnam Association of Seafood Exporters and Producers.

* Refrigeration Electrical Engineering Corporation has registered to buy 200,000 shares of Thac Ba Hydropower Company (TBC) to increase its stake in TBC to 38.3 million shares (60.4 percent) in one month starting from December 19.

* Nafoods Group Company (NAF) plans to issue six million shares in the first quarter of next year. Of the volume, AF wants to sell three million shares to existing shareholders at a It)0:10 ratio at VND13,000 each and issue 1.5 million shares to pay a dividend at a 100:5 ratio and a maximum of 1.5 million shares under an employee share ownership plan (ESOP) at the same ratio. In the first nine months of this year, AF posted revenue of VND360.17 billion, almost unchanged from a year earlier, and after-tax profit of VND39.1 billion, down 17.7 percent.

* Nguyen Thi Bich Ha, a board member of Phu Nhuan Jewellery Company (PNJ), has registered to acquire 300,000 P J shares that will revise up her ownership to nearly 376,000 shares in one month starting from December 15.

* Dong Nai Paint Corporation (SDN) said it would pay a 2016 first round dividend in cash for shareholders at 8 percent on the record date of December 21. Payments will be made on January 6.

* Hanoi Investment general Corporation (SH ) said its net profit would likely reach VND120 billion this year, exceeding the whole-year plan by 26.31  percent. The company plans to pay a dividend of 10 percent of par value, up from the initial plan of 8 percent, Dau tu Chung khoan newspaper cited SHN general director Luu Quang Minh as saying, giving no revenue figure. SH saw its revenue reaching VND296.1 billion in January-September, up 4.4 times year-on-year, and net profit totalling VND77.6 billion, a 27 percent increase.

* Thien Hai Trading & Investment Company has registered to buy 100,000 shares of Vinafreight Company (VNF) to revise up its ownership by 1.8 percentage points to 2.4 percent between December 16 and January 13.

* Le Tien Dung, general director of Soc Son Development Investment Company (DPS), looks to raise his stake in DPS to 3.49 percent by acquiring one million DPS shares in one month starting from December 15.


Category: Business, Vietnam

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