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Stock prices plummet, Vicostone plans to buy 3.2 million treasury shares

Update: October, 30/2018 - 11:56
A Vicostone CLC block plant in Hà Nội. — Photo www.lightconcrete.net
Viet Nam News

HÀ NỘI — Vicostone Joint Stock Company (VCS) plans to buy back 3.2 million shares, equivalent to 2 per cent of its chartered capital to serve short-term and long-term restructuring plans.

The transaction is expected to be executed via order-matching or negotiation.

Vicostone’s shares, traded on the Hà Nội Stock Exchange under the code VCS, were traded at around VNĐ70,700 (US$3.02) per share on Tuesday. At this price, Vicostone will spend about VNĐ236 billion to buy these shares.

VCS shares have fallen sharply by 35 per cent since the beginning of the year, from VNĐ113,400 per share to around VNĐ70,000 per share at present.

On September 9, 2014, Vicostone bought back nearly 10.6 million shares. Almost two years later, on May 26, 2016, the company completed the allocation of all these treasury shares to existing shareholders.

At present, Vicostone does not own any treasury shares.

Vicostone, located in Bắc Phú Cát Industrial Zone in Hà Nội’s Thạch Thất district, has an annual growth rate of over 50 per cent and currently exports to more than 30 countries, including the US, Italy, China and South Africa. — VNS

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