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Vinaconex (VCG) to buy back 44 million shares
Viet Nam Construction and Import - Export Joint stock Corporation (Vinaconex) plans to buy back 44.17 million treasury shares by mid-December.
The shares account for 10 per cent of the company’s total outstanding shares and transfers will be executed between November 16 and December 15.
The share buyback plans aim to increase the market value for existing shareholders, according to the company.
Funding for the buyback is the share premium, undistributed post-tax profit, and available internal funds.
Vinaconex shares, listed on the Ha Noi Stock Exchange with code VCG, rose 1 per cent to VND41,500 (US$1.79) apiece on Friday.
The company reported a surge in post-tax profit in the third quarter, which quadrupled last year’s figure to reach VND1.04 trillion ($44.8 million).
Nine-month post-tax profit jumped 18 times on-year to VND2.92 trillion.
The profit growth was attributed to the sale of real estate projects, which offset disappointing core business results.
In July-September, sales revenue dropped 45 per cent on-year to VND1.27 trillion. The nine-month revenue slipped 39 per cent on-year to VND3.8 trillion.
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