Sugar firm (SBT) attempts to sell all treasury shares

Thanh Thanh Cong Bien Hoa JSC has decided to sell 61.6 million treasury shares to increase the number of voting shares.

Capital raised from the share sale will be spent on restructuring the firm’s capital and loans.

The shares will be sold on the stock market via either put-through or order-matching actions.

The company between April 18 and May 17, 2018, offered to buy back 83 million treasury shares on the market.

The transactions ended up with Thanh Thanh Cong Bien Hoa snapping up 61.6 million shares of the total.

According to the firm’s April-June financial report, the value of the treasury shares was near VND1.1 trillion.

The company is listing more than 568.7 million shares on the Ho Chi Minh Stock Exchange as SBT. Its shares gained 0.6 per cent to end Thursday at VND16,750 per share.

The company’s shares have dropped total 13.4 per cent in the last six months.

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