Mobile World Investment (MWG) to issue $46m dividend stock
Mobile World Investment Corporation will issue 107.6 million shares to pay shareholders dividends at a rate of 3:1 after achieving positive business results.
The total value of this share issue reaches nearly VND1.08 trillion (US$46.2 million), derived from undistributed profits after audit in 2017. After the issuance, the company’s charter capital will increase to VND4.3 trillion ($184.5 million).
The company will finalise the list of shareholders for this payout on November 20.
At the annual shareholders’ meeting this year, Mobile World Investment approved a plan of paying dividends based on undistributed earnings with a maximum volume of 170 million shares. In addition, shareholders also approved a cash dividend plan of 15 per cent which was already paid in May and the ESOP (employee stock ownership plan) option with a volume of about 9.7 million shares, at the rate of 3 per cent.
In the third quarter, the mobile phone retail chain posted net revenue of VND20.9 trillion, up 27 per cent year-on-year. Net profit reached VND647 billion, up 14.5 per cent on-year.
Ending September, its consolidated revenues reached VND65.48 trillion and consolidated profit after tax was VND2.2 trillion, a growth of 34 per cent against the same period last year.
Among its subsidiaries, food chain Bach Hoa Xanh and electronics chains Dien May Xanh registered highest growth of 235 per cent and 79 per cent, respectively. Its long-established mobile phone retail chain increased 19 per cent.
Shares of Mobile World Investment Corporation were among the top 10 most expensive stocks on the Ho Chi Minh Stock Exchange, trading at around VND112,000 ($4.8) per share on Wednesday.