SHS to sell nearly 102 million shares to raise capital

Sai Gon-Ha Noi Securities JSC (SHS) plans to issue more than 101.8 million shares to provide funding for its business activities and double its charter capital.

 

Of the amount, SHS will issue 26.3 million bonus shares to pay a dividend for its 2017 earnings, equal to a dividend payout rate of 25 per cent.

Funding for the share issuance will be extracted from its 2017 post-tax profit.

Shareholders will have to complete registration to receive payment by January 15, 2019.

SHS will later offer 70.3 million shares to existing shareholders at VND12,000 (US$0.53) per share to raise VND843 billion ($37 million).

The deadline for shareholders’ registration is also set at January 15, 2019. Transactions will take place between January 21 and February 19, 2019.

The remaining amount of shares (5.26 million) will be issued under an employee stock ownership plan (ESOP) at VND12,000 per share.

This ESOP is expected to bring in VND63 billion for the company.

The share issuances may increase the firm’s charter capital to VND2.07 trillion from the current VND1.05 trillion. The company will have more capital to carry margin lending, financial investment and issuance underwriting.

In the first nine months of the year, SHS posted VND932.7 billion in combined revenue and VND270.6 billion in post-tax profit, up 27 per cent and 8.3 per cent year on year, respectively.

The company has fulfilled 69 per cent and 75 per cent of its full-year revenue and post-tax profit targets.

SHS is listing nearly 105.3 million shares on the Ha Noi Stock Exchange. Its shares gained 2.4 per cent to end Thursday at VND12,900 each.

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