Vietnam cotton products maker Cobovina (BBT) plans to issue 10 million new shares to raise funds for a $12.4-million a hospital in Ho Chi Minh City, state media reported on Thursday.
The shares would be sold to existing investors at a face value price of 10,000 dong each ($0.62), the Dau Tu Chung Khoan magazine quoted a shareholder meeting resolution as saying.
The proceeds would boost Cobovina's registered capital to 190 billion dong ($11.8 million) from 90 billion dong.
The Ho Chi Minh City-based firm, which controls about 90 percent of the domestic market for cotton products for medical use, plans to put its first hospital into operation by July 2009.
Cobovina aimed for revenues of 73 billion dong ($4.5 million) and a pre-tax profit of 6.1 billion dong this year, the report said without giving comparative figures.
Shares in the firm jumped 4.68 percent on Thursday on the Ho Chi Minh City Exchange to close at 24,600 dong ($1.5).
Source: Reuters
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