|
Steel producer Hoa Sen to sell shares
Steel producer Hoa Sen Group will offer a maximum of 11.9 million shares to its strategic partners to raise funds for its iron plant.
The company’s management board approved the issuance at its irregular shareholders meeting last week. Shares will be offered at VND60,000 (US$3.4) each.
The group decided to sell 1 million shares to its staff for the same purpose as the above issuance. The shares will be sold at VND30,000 ($1.70) each.
Both issuances will be executed this year and at the latest on December 31, according to Le Phuoc Vu, the company’s chairman.
"The number of shares will be listed on the HCM City Stock Exchange," Vu said. "Staff must retain the shares for six months."
During the irregular meeting, the company decided to invest in its iron-producing factory and to raise its investment capital for the second phase to VND1.8 trillion ($101.1 million). The factory, located at Phu My I Industrial Park, has a total investment capital of VND2.3 trillion ($129.2 million).
At the previous shareholders meeting, Hoa Sen Group decided to issue VND124.03 billion (about $7 billion) worth of convertible bonds in the factory. The bonds, expected to be issued in the fourth quarter, will be converted within a year. It has at a coupon rate of 7 per cent.
In September, the group earned VND62.5 billion ($3.5 million) in after-tax profit and a turnover of VND241 billion ($13.5 million).
vietnamnews
|
