Saigon Water to sell 37 million shares to raise charter capital

SII will spend VNĐ308.7 billion from the proceeds to buy 30.87 million shares in Củ Chi Water Supply and Sewerage JSC. — Photo cafef.vn

HÀ NỘI — Saigon Water Infrastructure Corporation (SII) has approved a plan to issue 37.42 million shares to existing shareholders to increase its charter capital.

The offering price is expected to be VNĐ16,900 (US$0.73) per share, higher than the current market price that stood at VNĐ15,000 on Friday. The shares are scheduled to be issued in 2019. SII is expected to collect more than VNĐ632 billion (more than $27 million) from the issuance.

The rate of issuance will be 58 per cent, which means with every holding of 100 shares, an investor can buy 58 new shares.

After the issues, SII's charter capital is expected to increase from the current VNĐ645 billion to more than VNĐ1 trillion.

All proceeds from the offering will be used for merger and acquisition (M&A) activities. Specifically, SII will spend VNĐ308.7 billion from the proceeds to buy 30.87 million shares in Củ Chi Water Supply and Sewerage JSC. It will also spend VNĐ286.4 billion on interest payments for bank loans. — VNS

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