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Dong Nai plastic tumbles to record on additional shares
Dong Nai Plastic Construction Joint-Stock Company, a producer of plastic pipes and bags, fell to a record in Ho Chi Minh City after saying it will start trading extra shares over the next two weeks.
“We plan to start trading additional shares in about 10 days,” Nguyen Van Lai, the company's spokesman, said in a phone interview from Dong Nai. “We may suffer from the declining market but we must go ahead with the listing plan the shareholders approved.”
Dong Nai Plastic Construction dropped VND1,100, or 4.9 percent, to VND21,600 on the Ho Chi Minh Stock Exchange, the lowest since it started trading on December 20, 2006.
The exchange on March 21 permitted the company to start trading 1.4 million extra shares. The company has 3.8 million shares outstanding, according to the exchange.
Dong Nai Plastic Construction will use funds raised by the share sale to build two plants to expand production, Lai said.
Thanhnien
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