Monday, July 23 2018

VietNamNews

Vinacomin ups coal stake

Update: March, 02/2018 - 09:00
The Vietnam National Coal and Minerals Group (Vinacomin) on Thursday registered to buy more than 4.47 million shares of its subsidiary Núi Béo Coal JSC (HNX: NBC).— Photo cafef.vn

HÀ NỘI — The Vietnam National Coal and Minerals Group (Vinacomin) on Thursday registered to buy more than 4.47 million shares of its subsidiary Núi Béo Coal JSC (HNX: NBC).

The share purchase will be carried out between Thursday and March 30 via order-matching transactions.

Vinacomin now holds more than 19.5 million shares of Núi Béo Coal JSC, equal to a 52.9 per cent stake in the mining firm.

The deal may help increase Vinacomin’s stake in the local mining business to 65 per cent.

Vinacomin had previously failed to buy that amount of NBC shares between December 29, 2017 and January 26, 2018 due to unfavourable market trading condition.

In late January, Núi Béo Coal JSC reported it earned VNĐ415 billion (US$18.4 million) in revenue and VNĐ57.6 billion in net profit for the fourth quarter of 2017, up 25 per cent and 203 per cent year on year.

The fourth-quarter earnings figures helped the company raise its full-year revenue to VNĐ1.49 trillion and pre-tax profit to VNĐ99.3 billion, up 22.6 per cent and 101.67 per cent year on year. — VNS

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