Alphanam rises to eight-month high in Vietnam on bonus plan

Alphanam Joint Stock Company (ALP), a manufacturer of electronic equipment, surged to its highest level in almost eight months on a plan to issue bonus shares.

Alphanam plans to issue 2.3 million bonus shares, according to a company statement posted on the bourse’s website. Shareholders would get six shares for every 100 they hold, the company said. The new shares will start trading on the exchange on August 19.

“Bonus share issuances often boost local investors’ sentiment, especially when the market has had some gains recently,” said Nguyen Hong Diep, Chief Analyst at Habubank Securities. The VN-Index has advanced 28 percent this month, according to Bloomberg data.

Alphanam also plans to pay a dividend of VND600 (3 US cents) a share on July 14, according to the company statement.

thanhnien, bloomberg

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