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Tribeco to raise $8.5 million from share sale
Saigon Beverages Joint-Stock Co., also known as Tribeco (TRI), plans to raise VND150.4 billion (US$8.5 million) selling 20 million shares to its strategic partners, Vice General Director Nguyen Tri Vong said.
Tribeco would sell 49 percent of the shares to Uni-President Vietnam Ltd, and 28 percent to Tribeco Binh Duong Joint-Stock Co., with the rest going to Kinh Do Investment Ltd., Vong said in a telephone interview from Ho Chi Minh City Tuesday. The shares would be priced at VND7,520, he said.
“We want to raise money to make up for the losses last year as well as to pay interest on our loans,” Vong said without elaborating.
In February, Tribeco was placed under scrutiny by the Ho Chi Minh Stock Exchange after reporting a loss of VND145 billion for 2008.
Tribeco earlier planned to sell 25 million shares to its strategic partners. “With the rebound in the stock market, we just need to sell 20 million shares to raise enough money,” Vong said.
Tribeco shares rose 4.9 percent Tuesday to VND8,600.
thanhnien, bloomberg
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