Masan Consumer to issue 5 million ESOP shares
Masan Consumer to issue 5 million ESOP shares
Masan Consumer Corporation will issue nearly five million shares to its staff under the Employee Stock Ownership Plan (ESOP) programme in July, the company has announced.
These shares, equivalent to 0.96 per cent of the company’s total outstanding shares, will be offered to 974 employees from July 4 to 11 with the price at just VND10,000 per share. This price is one-sixth of the value of the company’s shares on the Unlisted Public Company Market, which settled at VND60,300 on Monday.
ESOP is part of Masan Consumer’s plan to increase charter capital, raise working capital for business activities and motivate employees to develop an attachment to the company.
Following the issue, Masan Consumer’s charter capital will increase from VND5.38 billion to VND5.43 billion (US$239.3 million).
At its extraordinary shareholders’ meeting on June 23, Masan Consumer elected a new chairman, following which Truong Cong Thang replaced Nguyen Dang Quang to become the new chairman of the fast-moving consumer goods arm of the Masan Group.
The change in leadership is significant because it comes at a time when the company’s core business has been slowing down. Masan Consumer reported sales of almost VND2 trillion and net profit of VND155.6 billion in the first quarter of this year, down 16.7 per cent and 57.7 per cent year-on-year, respectively.
In 2017, Masan Consumer has targeted total revenue of VND14.5-15.3 trillion and net profit of at least VND2.55-2.81 trillion.
Last year, its revenue rose 4.4 per cent year-on-year, but pre-tax profit fell nearly 8 per cent. The company has been witnessing a downturn since 2014.
