|
Lilama subsidiary issues shares to fund hydropower investment
Lilama 10 Joint Stock Co., a subsidiary of the Viet Nam Machinery Installation Corporation (Lilama), has completed procedures to list shares on the Ho Chi Minh City Stock Exchange in the fourth quarter of the year, according to company director Tran Dinh Dai.
In order to expand the scope of business operations without depending on bank loans with high interest rates, Dai said, Lilama 10’s board of management increased the company’s charter capital from 40 billion VND (2.5 million USD) to 90 billion VND (5.59 million USD) and issued shares in June.
The State currently held a 51-percent stake in the company, he noted.
With additional capital, the company planned to boost investment in hydropower projects such as the 170 billion VND (10.56 million USD) Nam Cong 3 Hydroelectric Plant.
Lilama 10 would also buy a 14-percent stake in the newly established Hua Na Hydropower Joint Stock Co., which has a charter capital of 2.2 trillion VND (136.6 USD) and counts among its other leading shareholders Military Bank, Saigon Securities Inc and Sai Gon Commercial Bank.
In the first three quarters of the year, Lilama 10’s revenue increased 34 percent over the same period in 2006 and reached 75 percent of the target set for this year. The company targets annual growth of 20 percent and a yearly dividend of 14 percent through 2010.
VNA
|
