TTC Sugar sells shares to a board member

A member of the board of directors at Thanh Thanh Cong-Bien Hoa JSC (TTC Sugar) will buy 33.5 million shares of the company.

 

Huynh Bich Ngoc's stake will increase to 49.1 million shares, equal to a 8.4 per cent stake, from 15.55 million shares, equal to a 2.65 per cent stake.

The transactions will be carried out between September 17 and October 16 on the stock market.

Ngoc is the wife of the firm's chairman Dang Van Thanh.

TTC Sugar shares were up 0.6 per cent to VND17,950 (US$0.78) each on Friday.

At that level, the value of the deal is more than VND600 billion ($25.8 million).

TTC Sugar has recently decided to sell all of 61.6 million treasury shares to increase the volume of voting shares and raise capital to restructure its debts.

The company hopes to receive about VND1.1 trillion from the treasury share sale.

In addition, TTC Sugar plans to raise VND2.4 trillion worth of convertible bond notes with minimum maturity of three years.

The bond notes can be converted into common stocks a year after issuance.

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