Dai Viet Securities Company (DVSC) shareholders have agreed on a share issuance plan to increase its equity capital to VND400bil (US$25mil) from the current VND250bil.
A total of 15mil new shares will be issued to existing shareholders and strategic partners.
It was decided at last Saturday's annual meeting that shareholders would have the right to buy four new shares for every 10 they already owned. The price will be VND15,000 each compared to the face value of VND10,000.
Five million stocks will go to strategic shareholders including foreign banks, securities companies and other financial institutions, according to chairman Thai Tan Dung.
The executive board was authorised to select buyers and fix the price, which would be higher than that for existing shareholders.
DVSC will establish a joint venture investment fund management company while increasing its branch network and undertake more investment activities. Currently it runs two trading floors in HCM City and a representative office in Hanoi.
This year the company targets to net VND70bil in profits and pay 15% dividends. In the first quarter, the company reached nearly half its goal by earning a net profit of VND32bil.
Source: VNE
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