HVG to buy five million of its own shares
HVG to buy five million of its own shares
Hung Vuong Joint Stock Company (HVG) announced that it will buy five million of its shares on the market for a maximum VND90 billion (US$4.17 million).
HVG can purchase the shares through a negotiation between sellers and buyers, trading orders, and in large share packages on the HCM Stock Exchange (HSX).
The transaction must be completed within 30 days after it is approved by the State Securities Committee, and HVG is responsible for publishing the information about the transaction on the market.
In the first quarter of this year, HVG's revenue was VND3 trillion ($139 million) and its after-tax profit was VND37 billion ($1.7 million), 16 per cent of this year's revenue and 7.4 per cent of this year's pre-tax profit.
The company said its revenue and after-tax profit in the first quarter decreased when compared with last year's figures as it could not sell products during the New Year and Tet holiday while it still had to pay salaries, interests, and other expenses.
