Friday, June 23 2017

VietNamNews

Hòa Phát plans raising charter capital to $675.6m

Update: February, 20/2017 - 15:37
Last year, Hòa Phát Group posted record turnover and after-tax profit of VNĐ34 trillion and VNĐ6.6 trillion, respectively, since its establishment. — Photo danviet.vn
Viet Nam News

HÀ NỘI — Steelmaker Hòa Phát Group plans to increase its charter capital to VNĐ15.2 trillion (US$675.6 million) this year, double the current level of VNĐ8.42 trillion.

Last week, the group announced its management board’s resolution to submit to the 2017 shareholder meeting. Accordingly, it targeted turnover and after-tax profit of VNĐ38 trillion and VNĐ5 trillion, respectively, for 2017.

Last year, Hòa Phát Group posted record turnover and after-tax profit of VNĐ34 trillion and VNĐ6.6 trillion, respectively, since its establishment. These figures presented a year-on-year increase of 34 per cent and 89 per cent in terms of turnover and profit, respectively. 

The group’s management board also approved the offer of a 50 per cent dividend for last year’s profit in the first and second quarters of the year.

It plans to issue an additional 250 million shares in the second quarter of the year. The mobilisation capital will be invested into the Hòa Phát Dung Quất iron and steel production complex in central Quảng Ngãi Province and also be used for operations.

It also plans to restructure Hòa Phát Steel Company and Hòa Phát Energy Company. The group will increase its contribution capital at Hòa Phát Steel Company from the current VNĐ2.5 trillion to VNĐ3.5 trillion. In addition, it will transfer its 99.89 million shares at the Hòa Phát Energy Company worth a total of VNĐ998.9 billion to the Hòa Phát Steel Company. — VNS

 

 

 

Send Us Your Comments:

See also: