At the company’s annual general meeting last week, Hai Phong Paper JSC (Hapaco) shareholders approved a plan to issue an additional 18 million shares to raise its chartered capital to VND240 billion(US$15 million) this year.
The shares will be issued in two lots, the first of which will consist of 9.2 million shares.
The first lot will be handed out as a dividend payment with the remaining shares sold to current shareholders, strategic investors and Hapaco employees.
The second lot will include shares issued as a bonus to existing shareholders with the remaining auctioned to the public.
Hapaco Chairman Nguyen Duong Hien said current shareholders will be able to buy shares in the first lot at VND10,000-25,000 a piece. The board will decide on the final price once the company’s fund raising plan is approved by the State Securities Commission, said Hien.
Hapaco reported VND230 billion ($14.4 million) in 2006 revenues, up 45.5 per cent over the previous year, and more than VND20 billion in net profit, a 60 per cent year-on-year increase.
With plans to open the Hai Ha Paper Plant in the second quarter and break ground on a petrochemical plant, Hapaco forecasts 2007 profits to hit VND22 billion on the back of VND260 billion in revenue.
Hapaco is also planning to invest in pulp paper plants, the Tien Sa Pharmaceutical Plant and office real estate.
Source: VNS
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