Business News in Brief

The State Securities Commission of Vietnam (SSC) fined Nguyen Thi Nhu Quynh, sister of Nguyen Huu Kinh Luan, member of Supervisory Board of SMC Investment Trading Joint Stock Company (SMC) VND40 million for illicitly selling 43,480 shares of SMC. This month, SSC has fined six cases with total penalty of VND850 million.

An Giang Fisheries Import Export JSC (AGF) announced that it successfully issued 12.7 million shares for VND151.9 billion. After the issuance, Hung Vuong Joint Stock Corporation (HVG), Pan Pacific Corporation (PAN), and State Capital Investment Corporation will hold 51.41 percent, 20.35 percent, and 8.24 percent stake in AGF, respectively.

Refrigeration Electrical Engineering Corporation (REE) plans to buy 1.46 million shares of Thu Duc Water Supply Joint Stock Company (TDW) from November 8 to December 10 at VND18,000 per share to raise ownership ratio to 51.95 percent stake, or 3.58 million shares. REE currently holds 2.12 million shares of TDW.

PetroVietnam Technical Services Corporation (PVS) approved to sell 1.84 million shares of Petroleum Information Technology Telecom and Automation Joint Stock Company at price which will be advised by PetroVietnam Securities Incorporated. In the first half of 2013, PVS got net revenue of more than VND11.62 trillion and post-tax profit of VND542.2 billion, exceeding 50 percent of this year’s plan.

Phu Hung Securities Corporation (PHS) announced that CX Technology Cayman Corp. registered to sell all 2.33 million shares of PHS, or 6.69 percent stake, until November 21 to divest its investment in PHS. PHS lost VND6 billion in the first half of 2013 while it lost VND50.5 billion in the same period last year.

Hoa Phat Group Joint Stock Company (HPG) explained that its post-tax profit in the third quarter of 2013 rose 64 percent quarter-on-quarter because it reclaimed VND264 billion of bad debts and reverted VND164 billion of these debts. In the first nine months, HPG saw net revenue of VND12.47 trillion, and net profit of VND1.52 trillion, exceeding 26.7 percent of this year’s plan, earning VND3,495 per share.

Vinaconex Transportation Joint Stock Company (VCV) put up VinaconexLines for sale for the third time at a price of VND104.3 billion (US$5.96 million). In the first nine months, VCV lost VND31.9 billion, up 38.6 percent compared to the same period last year.

Source: Dau Tu Tai Chinh – Translated by Thuy Doan

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