Stock market briefs

04-Jul-2018 Intellasia | The Saigon Times | 6:02 AM Print This Post

The government Office has ordered national oil and gas group PetroVietnam Group to divest its stake in PetroVietnam Oil Corporation (PVOIL) from its current 80 percent to below 35.1 percent after PVOIL officially transforms from a State-owned company to a joint stock company. The divestment should be carried out on the stock exchange, instead of through direct negotiation between strategic partners and PVOIL. According to Viet Capital Securities Company, PVOIL is preparing for its first annual general meeting, which is scheduled to take place in the first week of August. Earlier, the firm announced the short list of four investors seeking to become strategic partners: SK Energy (South Korea), Idemitsu (Japan), HDBank and Sovico Holding.

HCM City Nafoods Group Company (NAF) has received approval from its shareholders for a plan to pay no dividend for 2017 and 2018 to secure capital for reinvestment. Besides this, the firm will issue 3.3 million shares at a ratio of 10 percent for dividend payment for 2016, instead of the initial plan of paying a cash dividend of VND1,200 per share. The firm targets a net profit of VND75 billion from revenue of VND750 billion in 2018, up 18 percent and 45 percent versus last year, respectively.

HANOI The Hanoi Stock Exchange delisted the shares of Mai Linh Central Company (MNC) from June 29 for the firm to merge with Mai Linh Group. MNC’s management board has approved the 1-for-2.54 swap ratio. In the first quarter of 2018, MNC incurred a loss of VND136 million, compared with a consolidated net profit of some VND3 billion in the same period last year. Its revenue declined 32.7 percent year-on-year to VND126 billion in the period.

HANOI Vietnam National Textile and Garment Group (VGT) has estimated that its pre-tax profit may rise 14 percent year-on-year to VND394 billion in the first half of this year. Its revenue is likely to climb 7 percent to VND9.3 trillion in the six-month period, the firm announced at the annual general meeting on June 28. In 2018, VGT targets a consolidated pre-tax profit of VND787 billion on revenue of VND20.3 trillion, up 5 percent and 10 percent against the previous year, respectively.


Category: Stocks, Vietnam

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