KDH, FCM announce buy back deal

Khang Dien Investment & Trading House JSC (KDH) and Fecon Mining Joint Stock Company (FCM) announced they will buy back company and purchase stake as follows:

KDH approved to buy back Nha Pho Investment Company at a price of VND50 billion. Recently, Dragon Capital bought 4.8 million shares of KDH to become its major shareholder with an ownership ratio of 11.55 percent since December 9.

FCM will buy back 55 percent stake in Hai Dang Mineral JSC, or 4.95 million shares at VND1,644 per share. Thus, the company will have to spend more than VND8.1 billion for this business transaction.

By September 30, the company’s cash and equivalents were at VND23 billion. Of late, FCM has asked to adjust profit target from VND96 billion to VND28 billion, and dividends payout ratio from 20 percent to 5 percent.

Source: Dau Tu Tai Chinh – Translated by Thuy Doan

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