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PVPremierRec plans to double charter capital
Ha Noi-listed PetroVietnam Premier Recreation Company (PVR) has announced a plan to issue 30 million additional shares and to double its charter capital from VND300 billion (US$15.8 million) to VND600 billion ($31.6 million).
Under the plan, PVR will offer 15 million shares to strategic shareholder Ocean Bank at a price of VND11,000 ($0.58) per share. Another 13.5 million shares will be offered to other existing shareholders at a ratio of 10:4.5 and a price of VND10,000 ($0.53). A final 1.5 million shares will be offered to company staff members at a price of VND11,000 per share.
No timetable for the issue was revealed.
"The additional issue aims to ensure the company's stable growth, enhance its financial capacity, reduce the dependence on bank loans and mobilise capital for PVR projects," the company said in a statement.
PVR expects to raise VND316.5 billion ($16.7 million) through the share issue.
Among planned investments are VND100 billion ($5.3 million) in the first phase of the upscale Tan Vien resort project, VND91.5 billion ($4.8 million) in the Duminium-Vinh Hung housing project, VND60 billion ($3.2 million) in a Ha Long-Quang Ninh building complex, and VND50 billion ($2.6 million) in he CT15-Viet Hung apartment complex in Ha Noi.
PVR listed its shares on the Ha Noi bourse last month. They closed down 1.18 per cent yesterday to VND25,000 ($1.32) per share.
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