Business News in Brief

Hanoi Stock Exchange has recently removed warning status on Vneco 8 Electricity Construction Joint Stock Company (VE8) and Song Da Cao Cuong JSC (SCL) as the two companies reported profits in the first half of this year. In particular, VE8 had post-tax profit of VND392.8 million, and SCL showed post-tax profit of more than VND9 billion.

Hudland Real Estate Investment and Development JSC (HLD) approved issue of 10 million shares for its existing shareholders at a ratio of 1:1 at a price of VND10,000 per share. In its financial statement for second quarter of this year, the company posted post-tax profit of VND16.4 billion, down 46.2 percent compared to the second quarter of last year.

VitranschartI Joint Stock Company (VST) announced that it liquidated its VTC Light vessel and reclaimed $4.2 million. The vessel, which was built in Japan in 1995, has capacity of 21,964 DWT. In the second quarter of this year, VST had revenue of VND250.3 billion, and losses of VND105.2 billion, extending its losing streak sixth consecutive quarter.

Tan Phu Plastic Joint Stock Company (TPP) approved issue of 1 million shares in early fourth quarter of this year. Of which, 400,000 shares will be used to advance dividends for the first term of this year at a ratio of 10 percent; 100,000 shares will be sold to its employees at a price of VND10,000 per share; and 500,000 shares will be offered privately at a price of VND11,500 per share and these shares will be restricted from transferring for twelve months. In the first half of this year, TTP saw net profit of VND9.4 billion, up 120 percent year-on-year.

Ben Thanh Rubber Joint Stock Company (BRC) announced that it will close list of shareholders on August 30 to issue 4.21 million shares at a ratio of 2:1 at VND10,800 per share. The duration for placing orders and paying money is from September 12 to October 14. If the sale is successful, BRC will possibly bring in VND45.5 billion and will use all the money to upgrade equipment.

PetroVietnam Technical Services Corporation (PVS) announced that it will close list of shareholders on September 5 to pay dividends for second term of 2012 in cash at a ratio of 5 percent on September 20. The company also paid dividends in cash at a ratio of 10 percent for the first term of 2012. The company’s six-month-accumulated net revenue reached VND11.26 trillion, and six-month-accumulated post-tax profit was at VND531.6 billion, down 1.5 percent and 16.3 percent year-on-year, respectively.

The State Securities Commission of Vietnam (SSC) has fined Tay Ho Construction and Housing Investment Joint Stock Company VND60 million for not making announcement for its share issuance to pay dividends to its current shareholders in December 2011. Since the beginning of August, SSC has slapped penalties on seven institutions and an individual with total fine of VND405 million.

Source: Dau Tu Tai Chinh – Translated by Thuy Doan

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