Vinamilk (VNM) to spend $127m to advance 2018 dividend
Vinamilk (VNM) to spend $127m to advance 2018 dividend
Vinamilk will pay the interim dividend for 2018 and issue additional shares to increase the share-capital in the third quarter.
On September 6, the dairy company will finalise the list of shareholders that will receive the interim dividend for 2018 at the ratio of 20 per cent (equivalent to VND2,000 per share-holding).
The dividend will be paid in cash on September 26, which means Vinamilk will spend some VND2.9 trillion (US$127.2 million) for this payout.
Earlier, in its annual shareholders’ meeting on March 31, Vinamilk set a target of VND55.5 trillion in revenue and VND10.75 trillion in net profit in 2018.
The 2018 dividend ratio is set at least 50 per cent of the after-tax profit. The first payment will likely happen in the third quarter of this year, while the second disbursement will be made in May or June 2019.
In its filing to the State Securities Commission and HCM Stock Exchange, Vinamilk also announced the plan to issue 290 million additional shares to the existing shareholders at the par value of VND10,000 each.
The issuing ratio is 5:1, which means that for every five ordinary shares held at the record date, which will be September 6, shareholders will receive one bonus share.
The Vinamilk shares have been seeing a downtrend since last week with a total loss of 7.4 per cent during May 7-15, being traded at around VND176,000 ($7.72) per share.
The dairy firm reported a fall of 9 per cent in its consolidated net profit in the first quarter of this year, earning 2.68 trillion ($118 million) by the end of March.
