Business news in brief

Viet Nhat Medical Instrument Joint Stock Company (JVC) approved a solution to issue 3.22 million shares to pay dividends for the second term of 2011 at a ratio of 10 per cent. Earlier, the company paid dividends in cash at a ratio of 20 per cent from February 13 to 17 this year.

Hoa Binh Construction & Real Estate Corporation (HBC) announced that it won three contracts of total value of more than VND900 billion. The company will build An Giang Central General Hospital at Long Xuyen City which will have 10 storeys and cover an area of 4.6 hectares, and is expected to complete within 32 months; VietinBank head office on Ham Nghi Street in Ho Chi Minh City which has 24 storeys will finish within 22 months; and superstructure of MB Sunny Tower in District 1 is expected to complete in 9 months.

Vneco8 Electricity Construction Joint Stock Company (VNECO8) registered to list 1.8 million shares on Hanoi Stock Exchange. Buon Ma Thuot City-based VNECO8 has a chartered capital of VND20 billion but its actual capital is VND18 billion. The company mainly builds power constructions, civil constructions, roads, irrigational works, telecommunications constructions, and small and medium hydroelectricity plants.

Binh Thanh Import - Export Production & Trade Joint Stock Company (GIL) announced that Gilimex-PPJ Household Garment Joint Stock Company, the organization headed by Mr. Le Hung, chairman cum CEO of Binh Thanh Import-Export Production and Trade Joint Stock Company registered to buy 1.5 million shares from June 8 to July 7 for financial investment. Currently, Gilimex-PPJ Household Garment Joint Stock Company have not held GIL’s stake.  Earlier, Mr. Nguyen Ho Trung, deputy director general of GIL also registered to buy 200,000 shares by July 10 to raise his ownership to 2.21 per cent.

Petro Vietnam Fertilizer & Chemical Corporation (DPM) has agreed to open a representative office in Myanmar to promote fertilizer export and consumption. The company is carrying out relevant procedures to ask for permission from Myanmar’s authority to establish its representative office and is expected to receive approval in the fourth quarter of this year.

Phuoc Hoa Rubber Joint Stock Company (PHR) announced that it achieved revenue of VND699 billion and a profit of VND296 billion in the first five months of this year. This month, the company plans to harvest 1,560 tonnes of dry rubber, purchase 600 tonnes of rubber, and increase sales to deal with a slump in rubber price from early May this year.

Licogi 16 Joint Stock Company (LCG) estimated that its revenue would reach VND310 billion in the second quarter this year with post-tax profit of VND7.2 billion. In the first quarter, the company obtained revenue of VND336.7 billion and post-tax profit of VND304.3 million. Currently, the company is looking for a partner to sell 22 per cent of its stake at Orient Bio-fuels Company. In the third quarter, the company planned to muster its resources on two major projects, consisting of Sky Park Residence in Ton That Thuyet Street in Cau Giay District in Hanoi, and residential area in District 12’s Hiep Thanh Ward in Ho Chi Minh City.

Transport and Chartering Corporation (VFR) has approved to sell some vessels, including Vietfrach 01, VF Glory, and Vietfrach 02, to restructure its fleet. Business performance of these three vessels was reportedly poor. Earlier, the company decided to sell only Vietfrach 01 and VF Glory vessels. VFR currently has the highest value among listed shipping companies on the market.

Source: Dau Tu Tai Chinh - Translated by Thuy Doan

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