The Cable and Telecommunications Materials Co (Sacom) will issue an additional 17 million shares in a move to finance the company’s business diversifications strategy.
Sacom said it would pour capital into a joint venture to produce cable and into construction of a five-star resort and high-rise office buildings, as well as contribute capital to the Cambodia-based PCP Telecom Co and Taihan-Sacom Co.
Shares at a face value of 10,000 VND each would be offered to existing shareholders at 20,000 VND while it expected the shares to fetch at least 150,000 VND when sold to strategic investors.
Sacom has attained growth rate of more than 84% in the past two years. With profits of nearly 204 billion VND (12.75 million USD) last year, the company has paid an average dividend of 16% during this period.
With a charter capital of 374 billiion VND (23.4 million USD), Sacom holds stakes in such companies as the Sai Gon Cable Joint Stock Co, the Sam Thinh Packing Co, the Sam Cuong Telecom and Electronic Materials Co, and the Sam Phu Plastics Co.
According to Sacom statistics, 75% of the company’s products are bought up by the Viet Nam Post and Telecommunications Group (VNPT). The company was expanding its market, however, by providing products to five other telecommunications enterprises in both domestic and regional markets.
Sacom shares traded last Friday at 183,000 VND, down a% from the previous session, at the HCM City Securities Trading Centre.
Source: VNA
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