|Masan products on the shelves. - Photo saigondautu.com.vn
HÀ NỘI — Masan Group Corporation (MSN) on Tuesday announced that it planned to sell treasury shares worth nearly VNĐ11 trillion (US$478 million).
Masan was seeking to sell all of its 109.9 million treasury shares at a price of VNĐ100,000 each, according to a resolution by Masan’s board of directors on Tuesday.
The sale aimed to restructure the company’s capital while ensuring flexible capital mobilisation, optimising the corporate balance sheet and profit growth.
After tumbling to around VNĐ74,000 per share in early July, MSN was on an uptrend and traded at VNĐ94,000 on Wednesday morning.
From October 16 to November 14, 2017, Masan bought more than 100.66 million treasury share at the price of around VNĐ58,400 each to bring its holding of treasury shares to nearly 110 million.
The book value of the shares was more than VNĐ6.5 trillion in the company’s financial statement in the second quarter of this year.
If the treasury shares were sold at the desired price, the difference would be around VNĐ4.48 trillion compared to the book value.
In the first half of this year, Masan’s after-tax profit reached VNĐ3.4 trillion, rising by 560 per cent over the same period last year, largely thank to rises in revenues of Masan Consumer Holdings and Masan Resources. — VNS