TAC to increase capital by issuing more shares

Tuong An Vegetable Oil Stock Company (TAC) on Monday announced there would be extraordinary shareholders meeting on February 10 next year to discuss a bonus issue of shares and an employee stock ownership plan.

The board of directors will propose a 10:7 bonus issue, or seven shares for every 10 shares owned.

This will increase TAC’s registered capital from VND190 billion (US$8.6 million) to VND322.7 billion ($15 million).

The company said it has yet to finalise the ESOP.

This is the first time TAC will issue bonus shares to shareholders or stock options to employees since its establishment.

KIDO Group (KDC) recently acquired 65 per cent of TAC to help the latter become the leader in the Vietnamese cooking oil market.

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