Sugar giant tables rights (SBT) offering scheme
Sugar giant tables rights (SBT) offering scheme
Thành Thành Công - Biên Hòa JSC (HOSE: SBT) has recently proposed a scheme to offer 148 million new shares to its existing shareholders.
SBT employees checking a sugarcane farm in Tây Ninh Province. — VNA/VNS Photo Thanh Tân |
With an offering price of VNĐ12,000 (US$0.49) per share, the two-for-ten rights issue is expected to bring in about VNĐ1.8 trillion ($72.8 million), raising SBT's charter capital to VNĐ8.9 trillion ($364 million).
SBT has also tabled another scheme to list some of its subsidiaries and affiliated companies on the stock exchange, a move aimed at promoting its brand globally and attracting more capital from investors.
SBT remains the largest producer in Việt Nam's sugar industry, producing 46 per cent of the country's sugar output. By late June, it had 18 direct subsidiaries, 12 indirect subsidiaries, and four affiliated companies.
The company made revenue of VNĐ24.7 trillion ($1 billion) in the 2022/2023 financial period, up 35 per cent year-on-year.
The rights issue is scheduled to be implemented prior to December 31, 2024, after SBT gets the go-ahead from the State Securities Commission of Vietnam. On HOSE, SBT closed Tuesday's session at VNĐ14,050 a piece.
