Business Briefs Jun 20

20-Jun-2016 Intellasia | | 3:39 PM Print This Post

* Sao Vang Rubber Company (SRC) has picked June 27 as the ex-dividend date to pay a 2015 final round dividend in cash for shareholders at 7 percent. Payments will be made on July 11.

* Tran Anh Tuan, a board member of realty developer Mien Dong Company (MDG), will be selling his entire stake of 95,500 MDG shares (0.9 percent) over one month starting from June 21.

* International Development & Investment Corporation (IDI) plans to issue 104.4 million shares to raise its chartered capital from the current VND1.82 trillion in the third quarter of this year. Accordingly, IDI will sell 95.34 million shares to existing shareholders at a 2:1 ratio at VND10,000 each and use 9.08 million shares to pay a 2015 dividend at a 20: 1 ratio. The company plans to use the proceeds, estimated at VND953.45 billion, to invest in its subsidiaries, affiliates, and the Sao Mai luxury residential area project in the Mekong Delta city ofCan Tho, and supplement its working capital. IDI wants to raise its foreign ownership to 100 percent. In the first quarter of this year, the enterprise obtained revenue of VND814.3 billion, up 45 percent year-on-year, and net profit of VND15.5 billion, down 26 percent. IDI looks to attain VND3.4 trillion revenue and VND141.9 billion net profit in 2016.

* Brick maker CMC Company (CVT) will pay a dividend of VND2,500 per share for 2015 on the record date of July 5. The company will make payments on August 5. In the first three months of this year, CVT’s revenue increased 7 percent from a year earlier to VND163.1 billion and its net profit rocketed to VND24.4 billion, Viet Capital Securities Company reports.

* Thanh An 96 Installation and Construction Company (TA9) has issued 2.8 million shares to pay a 2015 dividend and revise up its chartered capital. The issuance leads its total outstanding volume to rise to 11.05 million shares. The new shares will be tradable on June 22.

* Hoang Ngoc Chien, a board member of Vietnam Enterprise Investment and Development Company (FID), will offload 1.1 million FID shares to reduce his holding by five percentage points to 4.5 percent within one month starting from June 17.

* Financial firms would be able to issue credit cards and offer financial leasing service if they were established before June 25, 2014 and have bad debt below 3 percent, according to a draft circular of the State Bank ofVietnam. June 25, 2014 is when Decree 39/2014/ND-CP on operations of financial leasing firms took effect.

* Kido Corp., once known asVietnam’s snack giant, is set to completely withdraw from the confectionery sector by finding buyers for the remaining 20 percent stake in its snack business, after selling 80 percent of the share to Mondelez International Inc. in November 2014.

* Realty developers inHCMCityhave lamented that an increasing number of clients have failed to pay premiums following initial down payments, which has delayed project progress and affected both the developers and fellow property buyers.

* The state-owned Saigon Railways Corp. will launch more high-quality tourism trains to resort towns of Phan Thiet and Nha Trang in the south-central provinces of Binh Thuan and Khanh Hoa with cheap prices starting July 1.

* Takehiko Nakao, president of the Asian Development Bank, on Friday pledged to continue providing support forVietnamby offering a governmental loan worth $1 billion per year and establishing a cooperative strategy for the 2016-20 period.



Category: Business, Vietnam

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