HCM CITY (VNS) — Japan Vietnam Medical Instrument Joint Stock Company (JVC) plans to buy back 5.63 million shares or 5 per cent of its outstanding shares, local media reported yesterday.
The company's move aimed to stabilise its stock value on the market, but the company did not reveal when it would repurchase its shares. The company assigned Le Van Giap, the company's director, to take charge of this move.
While this move was announced by JVC at the shareholder meeting at the end of last month, the plan was not revealed at the time.
By the end of the day yesterday, the company's share had risen 6.7 per cent to close at VND4,800. However, JVC dropped 77 per cent in the last four months after its former President Le Van Huong, was arrested and accused of cheating the company's customers. — VNS