Saigon Water (SII) to sell 37 million shares to raise charter capital

Saigon Water Infrastructure Corporation (SII) has approved a plan to issue 37.42 million shares to existing shareholders to increase its charter capital.

The offering price is expected to be VND16,900 (US$0.73) per share, higher than the current market price that stood at VND15,000 on Friday. The shares are scheduled to be issued in 2019. SII is expected to collect more than VND632 billion (more than $27 million) from the issuance.

The rate of issuance will be 58 per cent, which means with every holding of 100 shares, an investor can buy 58 new shares.

After the issues, SII's charter capital is expected to increase from the current VND645 billion to more than VND1 trillion.

All proceeds from the offering will be used for merger and acquisition (M&A) activities. Specifically, SII will spend VND308.7 billion from the proceeds to buy 30.87 million shares in Cu Chi Water Supply and Sewerage JSC. It will also spend VND286.4 billion on interest payments for bank loans.

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