SMC Trading and Investment Joint Stock Company – a listed steel manufacturer and supplier – is set to issue four million shares to increase its chartered capital to VND100 billion from the current VND75 billion. The issue is scheduled in late June.
As planned, SMC will offer 1.5 million bonus shares to existing shareholders at the ratio of one new share for every four held. The company will sell an additional 1.5 million shares to the shareholders at the ratio of 1:5 at the price of VND20,000 each.
The company will offer 300,000 shares at VND30,000 each to its staff and the remaining 700,000 shares to SMC’s strategic partners at VND40,000 each.
The mobilized capital will be used to invest in the company’s VND225 billion steel mill, which is expected to come on line in Ba Ria – Vung Tau Province late next year.
The raised funds will also be used to buy stakes in local steel plants as short-term investment.
In the first four months of the year the SMC obtained VND727 billion in turnover and nearly VND12 billion in pre-tax profits, accounting for 40 percent of the its plan this year.
Last year, it earned VND1.92 trillion in turnover and VND22.67 billion in pre-tax profits.
Source: Thanh Nien
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