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Major firms defer plans to raise capital through public issues
The stock market’s 66 percent nosedive last year showed many listed companies couldn’t raise their targeted capital issuing additional shares.
Construction firm Kinh Bac City Development Share Holding Corp. (KBC) failed to raise the VND2 trillion (US$114 million) it planned to last year, having had to defer issuances because of the market’s freefall.
“We still need to raise capital but at this moment, when the market remains bearish, we don’t want to set up any plan forcing existing shareholders to buy more shares,” chairman Dang Thanh Tam said, adding that Kinh Bac will raise capital through issuing bonus shares and selling shares off-market to large investors.
Kinh Bac, which lists on the Hanoi Securities Trading Center, lost VND1,200, or 2.05 percent, to close at VND56,600 on Friday.
The rights issue of Vietnam Construction and Import - Export Joint Stock Corp. announced last November looks set to be a failure. The offer made to existing shareholders was to buy additional shares at VND20,000 each, but the share’s closing price on Friday was VND15,600.
The firm, known as Vinaconex, is a construction company listed on the Hanoi stock exchange. A senior official of Vinaconex, who wishes to remain anonymous, disclosed that the firm might raise capital through selling shares off-market to large investors.
Shipping firm Sea & Air Freight International (SFI), known as SAFI, said it had deferred a rights issue which would offer existing shareholders additional one for one shares at VND15,000 each. The firm didn’t say when it will hold the issue.
SAFI, which lists on the Ho Chi Minh Stock Exchange, remained unchanged at VND38,000 on Friday.
The unlisted Vietnam National Reinsurance Corp. has canceled its plan to raise its chartered capital from VND600 billion ($34 million) to VND1.5 trillion by issuing shares, according to chairman Trinh Quang Tuyen.
The State Securities Committee said early this month that it is considering a plan to move 48 listed companies from the HCMC exchange to the smaller bourse in Hanoi after they failed to raise their registered capital to more than VND80 billion ($4.57 million) in the past two years to comply with bourse regulations, according to Bloomberg.
The market regulator later gave those companies three more months to raise enough capital to meet the regulation.
VN-Index, a measure of 171 firms and four closed-end funds on the Ho Chi Minh Stock Exchange, elevated 0.69 percent to close at 306.12 points on Friday.
The HaSTC-Index of 169 companies on the Hanoi Securities Trading Center, edged down 0.26 percent to close at 102.84 points.
STOCK BRIEFS
Shareholder violates trading regulations
The HCMC exchange has required Mai Huong, relative of chairman Mai Van Binh of packaging firm Binh Duong PP Pack Making Joint Stock Co. (HBD), to explain why she sold 12,390 shares from December 1 to 5, 2008 and bought 700 on January 8, 2009 without informing the exchange.
IFC sells shares in Sacombank
International Finance Corporation (IFC), an arm of the World Bank Group, sold one million shares in Saigon Thuong Tin Commercial Joint Stock Bank (STB) on January 8, according to a report on the exchange’s website.
IFC’s holding in the HCMC-based bank, known as Sacombank, was reduced from 5.055 percent to 4.86 percent.
Vinpearl’s major shareholder lifts stake
Resort operator Vinpearl (VPL) said on the exchange’s website that major shareholder Dynamic Invest Group Ltd. has boosted its stake from 9.34 percent to 10.6 percent by buying more than 1.24 million shares.
SSI cuts holdings in power supplier
Saigon Securities Inc. (SSI), Vietnam’s leading brokerage, has sold 220,476 shares in Vinh Son - Song Hinh Hydropower Joint Stock Co. (VSH) to lower its holding to 6.83 million shares, the exchange said in a report on its website.
The sale started December 11, 2008 and finished on February 9, 2009.
Dau Tu Chung Khoan
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