Steel firm to sell off treasury shares as price quadruples within one year

18-May-2021 Intellasia | Vnexpress | 6:54 AM Print This Post

Nam Kim Steel Jsc plans to sell all 10 million treasury shares it holds, representing 5.81 percent of its capital, after their price quadrupled in less than a year.

The deal will be concluded 30 days after the State Securities Commission of Vietnam gives it the green light, the Binh Duong Province-based steelmaker said in a statement.

It had bought its NKG shares in June last year at an average price of VND7,600 ($0.33) per share, and the ticker closed Friday at VND30,550.

The deal could fetch the company a profit of VND230 billion, which it plans to use to fund operations.

The company saw profits rise by nearly eight fold year-on-year in the first quarter to nearly VND319 billion amid surging steel prices.

Nam Kim Steel, established in 2002, exports to 50 markets including Australia, Europe and the US

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Category: Stocks, Vietnam

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