Shareholders of the automobile assembling and trading firm Truong Hai agreed on a plan to list on the stock exchange at their annual meeting on May 26.
To boost capital and join the Ho Chi Minh City Securities Trading Centre in the first quarter of 2008, Truong Hai will issue 23 million shares, aiming to increase equity capital to 630 billion VND (39.5 million USD) from the current 450 billion VND.
For every three shares they own, existing shareholders will have the right to buy one new share at face value price of 10,000 VND. Employees will be allowed to purchase around 900,000 shares at the same price.
The remaining shares will be sold to strategic partners and outsiders at negotiated prices.
Company chairman Tran Ba Duong said he expects Truong Hai to collect 656 billion VND from the sale.
The company will issue the money to invest in various projects including a new car assembly company, branch network expansion and a showroom-office building in Ho Chi Minh City.
Last year, the company netted more than 40 billion VND in profits and the figure is expected to rise to around 140 billion VND in 2007. Truong Hai plans to pay a 20 percent-dividend this year.
Source: VNA
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