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Gemadept (GMD) to pay 80 per cent dividend

Feb 26th at 08:12
26-02-2018 08:12:44+07:00

Gemadept (GMD) to pay 80 per cent dividend

Logistics firm Gemadept Corporation plans to make an 80 per cent dividend payout rate, equal to VND8,000 (35 US cents) per share, if its plan gets approved by the HCM Stock Exchange on Monday.

 

Gemadept Corp general director Do Van Minh told local media that the dividend payout rate included a 15 per cent rate that was approved by the company shareholders at its general meeting in 2017.

The remaining part of the dividend payout rate is 65 per cent, which was generated from Gemadept’s selling of its stake in its two subsidiaries – Gemadept Shipping Holding Co LTd and Gemadept Logistics Holding Co Ltd – to the Korean business CJ Logistics, Minh said.

Gemadept Corporation had previously offloaded half of its ownership in those two sub-units to CJ Logistics Hong Kong, holding 51 per cent in the former company and 49.1 per cent in the latter one.

The two sub-units were re-named to CJ-Gemadept Shipping Holdings Co Ltd and CJ-Gemadept Logistics Holdings Co Ltd.

Gemadept Corporation is listed on the HCM Stock Exchange with code GMD, having increased by total 10.3 per cent since February 8 to close Friday at VND42,800 per share.

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