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Hòa Phát to issue over 250 million shares

Update: June, 05/2017 - 14:30
A worker helps move steel products at Hoà Phát Steel Pipe company in Đà Nẵng. — Photo Hòa Phát Group
Viet Nam News

HÀ NỘI — Steelmaker Hòa Phát Group (HPG) plans to issue over 250 million shares to raise capital for investment in the second phase of Hoà Phát Dung Quất iron and steel production complex.

HPG will sell those shares at a price of VNĐ20,000 (US$0.8) per share, expecting to earn more than VNĐ5 trillion through the issue.

A part of the mobilised capital will be aimed at raising the company’s working capital.

The subscription period is projected to fall from June 27 to July 17 or will be notified by the Việt Nam Securities Depository (VSD) after Hòa Phát completes the list of shareholders purchasing the shares.

Hoà Phát Dung Quất iron and steel production complex has an annual capacity of four million tonnes of steel, of which two million tonnes are long steel and two million tonnes are hot rolled coils. The project is divided into two phases with fixed capital requirement of VNĐ40 trillion.

The first phase was commenced in February, and the second phase is expected to start in August.

Hòa Phát Group Joint Stock Company is engaged in manufacturing and trading four main product groups, namely steel, other industrial products, real estate and agriculture. The company’s scale of operation is spread throughout the country but mainly in the North.

Steel has been one of the core products of HPG, since its inception. The company is one of Việt Nam’s leading steel producers, with an annual capacity of two million tonnes per year. — VNS

 

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