TTC Sugar sells shares to a board member

A Thành Thành Công-Biên Hòa (TTC Sugar) plant. The company will sell 33.5 million shares to a member of the directors' board. — Photo ttcsugar.com.vn

HÀ NỘI — A member of the board of directors at Thành Thành Công-Biên Hòa JSC (TTC Sugar) will buy 33.5 million shares of the company.

Huỳnh Bích Ngọc's stake will increase to 49.1 million shares, equal to a 8.4 per cent stake, from 15.55 million shares, equal to a 2.65 per cent stake.

The transactions will be carried out between September 17 and October 16 on the stock market.

Ngọc is the wife of the firm's chairman Đặng Văn Thành.

TTC Sugar shares were up 0.6 per cent to VNĐ17,950 (US$0.78) each on Friday.

At that level, the value of the deal is more than VNĐ600 billion ($25.8 million).

TTC Sugar has recently decided to sell all of 61.6 million treasury shares to increase the volume of voting shares and raise capital to restructure its debts.

The company hopes to receive about VNĐ1.1 trillion from the treasury share sale.

In addition, TTC Sugar plans to raise VNĐ2.4 trillion worth of convertible bond notes with minimum maturity of three years.

The bond notes can be converted into common stocks a year after issuance. — VNS

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