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HCM City infrastructure firm to sell treasury shares

Update: August, 28/2019 - 07:59


Vehicles travel on the Hà Nội Highway in HCM City, one of the major infrastructure projects involving HCM City Infrastructure Investment JSC. - Photo

HCM CITY – The HCM City Infrastructure Investment Joint Stock Company (CII) wants to offload 35.3 million treasury shares for at least VNĐ32,650 (US$1.40) per share.

The company expects to receive at least VNĐ1.15 trillion ($49.5 million) from the deal. CII shares are listed on the Hồ Chí Minh Stock Exchange (HoSE: CII) and dropped 1.2 per cent yesterday to VNĐ20,050 per share.

The company bought treasury shares to help cushion its share price on the stock market.

According to the firm’s first-half financial report, the 35.5 million treasury shares are equal to 12 per cent of the company’s charter capital.

Those shares were previously bought for VNĐ21,100 per share, making the total value VNĐ852 billion.

In the last two months, CII has raised VNĐ1 trillion by issuing bonds. The figure includes VNĐ800 billion worth of fixed-interest bonds (9.5 per cent per year).

In the first half of 2018, CII earned VNĐ1 trillion in total revenue, down 35 per cent year on year.

But financial income was up 67 per cent yearly to VNĐ489 billion, helping CII increase its post-tax profit by 68 per cent to VNĐ68 billion. – VNS

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