After petitioning the HCM City Securities Trading Centre, the Hoa Phat Group is now scheduled to be listed in September at the latest, group chairman Tran Dinh Long said.
Hoa Phat announced that it had completed an issuance of 22 million shares to strategic institutional shareholders to increase its chartered capital to VND1.32 trillion (US$82.5 million) from VND1.1 trillion ($68.75 million).
"Listing on the HCM City Stock Exchange will create favourable conditions for the company to attract investments in long-term development and benefit the shareholders," Long said.
Surplus capital of VND1.3 trillion ($81.2 million) from the issuance will be used to invest in projects such as an office building for rent, a new urban zone and a cement plant, according to Long.
More details about the issuance will be disclosed in the near future, he said.
In the first six months of the year, Hoa Phat netted a profit of VND254 billion ($15.8 million) on a revenue of VND2.38 trillion ($148.9 million), accounting for 55 per cent and 77 per cent, respectively, of the targets set for the year.
The three affiliates who contributed the most to the group’s revenue and profit were Hoa Phat Joint Stock Co, Hoa Phat Steel Pipe Co and Hoa Phat Interior Co.
By the year’s end, Hoa Phat will expand its business in refrigeration equipment to meet the market’s increasing demand in addition to boosting furniture production, which is the corporation’s strength.
Long expected that by the end of the year the group would generate a turnover of VND4.7 trillion ($293.7 million) and gain a profit of VND420 billion ($26.3 million), representing year-on-year rises of 35 per cent and 110 per cent, respectively.
Source: VNS
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