Business News in Brief

Thu Duc Housing Development Corporation (TDH) has recently set up a subsidiary named Wood Trading Company, with a charter capital of VND120 billion, of which TDH holds 50 percent stake. Earlier, TDH had transferred all its capital in Gia Duc Trade & Manufacture JSC, reducing its associates to 12. In the first nine months, TDH lost VND12.1 billion while it profited VND4.5 billion in the same period last year.

Nam Long Investment Corporation (NLG) approved to issue 25 million shares to its strategic investors at a price from VND18,000-22,000 per share to bring in VND550-560 billion, and delay its dividend payment for the year 2012 and the first term of 2013 as the company had no profit in the first two quarters of this year.

VNDirect Securities Corporation (VND) announced that it will use share surplus and undistributed profit to buy back 8 million treasury shares, or 8 percent of floating shares, in November and December at market price. In the first nine months of 2013, VND posted pre-tax profit at VND132 billion, up 88 percent compared to the same period last year, exceeding 32 percent of this year’s plan.

PetroVietNam Low Pressure Gas Distribution JSC (PGD) announced that it will close the list of shareholders on November 11 to pay dividends for the second term of 2013 in cash at a ratio of 10 percent on December 2. In third quarter of 2013, its net profit touched VND60 billion while it lost VND225.9 billion in the same period last year. The company saw net profit of VND202.8 billion in the first nine months of this year.

Hoa Binh Construction & Real Estate Corporation (HBC) decided to contribute an additional capital of VND2.1 billion to Jesco Asia JSC, increasing its ownership ratio to 6.2 percent stake, or VND4.2 billion. In October, the company won two contracts, valued at VND326 billion, to build A2-02 shopping center at Gamuda City in Hoang Mai District in Hanoi City which is invested by Gamuda Land Vietnam Company, and C2 tower of Tropic Garden 2 Project in Thao Dien in District 2 in Ho Chi Minh City whose investor is Novaland Group.

Cat Loi Joint Stock Company (CLC) announced its business plan for last quarter of 2013 with revenue at VND350 billion, and pre-tax profit at VND12 billion. In the first three quarters of 2013, the company got net revenue of more than VND1.14 trillion, and net profit of VND37 billion, up 14.1 percent and 106.4 percent year-on-year. The company will close the list of shareholders to advance dividends for the year 2013 in cash at a ratio of 10 percent on December 10.

The State Securities Commission of Vietnam (SSC) has fined Vietnam Plastic Corporation VND50 million for disclosing late audited financial statement of 2012, management report for 2012 and first-half of 2013, and separate financial statements and consolidated financial statement for the first six months of 2013.

Source: Dau Tu Tai Chinh – Translated by Thuy Doan

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