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Firm to increase capital

Update: June, 08/2012 - 10:36

HA NOI — Song Hong Construction (ICG) will increase its charter capital from VND200 billion (US$9.5 million) to VND400 billion ($19 million). The decision was made during its recent shareholder meeting. However, the company failed to give a specific time for the increase. Meanwhile, its current charter capital will remain unchanged until the end of this year.

Song Hong aims to earn VND118.3 billion ($5.63 million) in revenue and VND23.4 billion in gross profit this year. Dividends are expected to be paid at 8 per cent.

The major source of company profit is the Kim Lien B4 project, expected to bring about a VND23 billion ($1.09 million) profit.

However, due to the upheavals in the real estate market, Song Hong will reschedule or sell some projects.-VNS

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