Business News in Brief

Saigon General Service Corporation (SVC) announced its business results in the first nine months of this year with revenue of more than VND4.49 trillion and post-tax profit of VND51.9 billion, up 25 percent and 63 percent compared to the same period last year, achieving 75 percent and 94 percent of this year’s plan.

Vietnam-Italy Steel Joint Stock Company (VIS) explained that it lost VND36.1 billion in the third quarter of this year due to decline in price of building steel, poor purchasing power and high inventory which caused its plant to call halt to operations while the company still had to bear loan interest and depreciation. By September 30, the company’s leverage was 1.3, of which short-term debts were VND1.84 trillion, accounting for 85 percent of its total debts. In the first nine months, VIS lost VND10.3 billion.

Tan Binh Import Export Joint Stock Corporation (TIX) approved to invest in the Cardboard Manufacturing Plant project in Nam Tan Uyen Industrial Park in Binh Duong Province. The project has a total investment of VND395 billion, of which TIX will contribute VND33 billion to establish G.P Joint Stock Company whose charter capital will be VND100 billion.

Ho Chi Minh City Infrastructure Investment JSC (CII) planned to introduce to its shareholders its business plan for 2014 with revenue at VND870.8 billion, and post-tax profit at VND215.4 billion. In the first nine months, CII posted net profit of VND117.5 billion, achieving 38 percent of this year’s plan. Recently, CII bought 5.4 million shares of Saigon Water Infrastructure Corporation (SII) to hold controlling interest after SII issued 18.37 million shares to Manila Water.

Nam Viet Commercial Joint Stock Bank (NVB) announced that Saigon-Binh Dinh Energy JSC still holds 10.01 percent stake of NVB, or 29.8 million shares, after failing to sell 16 million shares as registered earlier due to low market liquidity. Within a month from October 31, NVB will ask for shareholders’ opinions to cancel listing on Hanoi Stock Exchange, move headquarters from Ho Chi Minh City to Hanoi, and hold an extraordinary general meeting.

Song Da Electrical Engineering JSC (SDE) announced that it will close the list of shareholders on October 25 to pay dividends for the year 2010 in cash at a ratio of 12 percent on November 11. Of late, the company cancelled the purchase of 87,500 shares from minor shareholders using development investment fund as it had not met regulations for voluntary delisting.

Source: Dau Tu Tai Chinh – Translated by Thuy Doan

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