Wednesday, December 19 2018

VietNamNews

Chemical firm to up foreign ownership

Update: March, 23/2018 - 18:00
Đức Giang-Lào Cai Chemicals JSC plans to earn revenue of VNĐ5.2 trillion in 2018. — Photo tinnhanhchungkhoan.vn
Viet Nam News

HÀ NỘI — Đức Giang-Lào Cai Chemicals JSC, listed on the HCM Stock Exchange as DGL, plans to increase the limit on foreign ownership from zero to 49 per cent.

The plan aims to attract more capital, improve the liquidity for the firm shares on the stock market and serve further business development.

The company’s management board will propose the plan at the upcoming annual shareholders’ meeting, taking place on March 29 in the northern province of Lào Cai, approve the company’s request to withdraw from some of the business sectors involved in the production and trading of minerals, mineral oil and distilled products, bituminous substances and mineral waxes.

In 2018, DGL will be merged with Đức Giang Chemicals & Detergent Powder JSC (DGC) under the merger plan approved during DGL’s General Meeting of Shareholders in December 2017.

In terms of production and business, the company set a target of VNĐ5.2 trillion in total revenue for 2018, up 11.5 per cent against 2017. Pre-tax profit is expected to reach VNĐ450 billion and dividend payout is projected to be 15 per cent.

DGL expects to produce 40,000 tonnes and export 34,000 tonnes of yellow phosphorus with a total value of VNĐ2.1 trillion. Revenue from the sales of monoammonium phosphate (MAP) fertiliser products is expected to reach VNĐ581 billion and that from Dicalcium Phosphate DCP animal feed is estimated to reach VNĐ455 billion.

In 2017, DGL’s total revenue reached VNĐ4.6 billion, achieving 94.5 per cent of the yearly plan. Particularly, revenue from yellow phosphorus touched nearly VNĐ2 trillion.

The company earned VNĐ386 billion in post-tax profit, surpassing 3 per cent of the yearly target. — VNS

 

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