HA NOI (VNS)— Property developer Vingroup Joint Stock Company (VIC) will issue 120 million additional shares between the second quarter of 2014 and first quarter of 2015.
This information was released by the company during a shareholders' meeting held in Ha Noi yesterday. This latest development was reported by the news website ttvn.vn, which reported that the additional shares will be listed on the Singapore Exchange or another foreign bourse.
The company currently caps the maximum foreign investor holding ratio at 27 per cent of its total shares.
According to the Vingroup management board, the company's turnover and profits reached its highest levels last year, despite global economic slowdown.
In 2013, the net turnover from business activities reached about VND18.38 trillion, or US$875.24 million, up 132 per cent over the previous year. The after-tax profits attained were VND7.15 trillion, or $340.48 million, a year-on-year increase of 287 per cent.
These results were attributed to timely completion, delivery, and operation of major projects, including Royal City, Times City, and Vincom Mega Mall. New developments, such as Vinschool, Kids World, and VinEcom also contributed to the results.
Last year, the company successfully raised $200 million from international bond issuances, mobilised $200 million from global private equity investor, Warburg Pincus, and borrowed and disbursed $150 million worth of other international finances.
Vingroup leaders noted that the company was already planning to stabilise investment capital sources for its projects within the next two years. Business revenues alone were expected to reach about VND25 trillion, or $1.19 billion, this year.
In 2014, the company will boost growth from shopping centres, hotels, entertainment, healthcare and education projects, including Vincom Center, Vinpearl Land, and Vinmec.
It will develop new projects in Ha Noi, HCM City, the central Quy Nhon City, and the southern Can Tho Province, when the real estate market rallies and macroeconomic conditions are favourable.
VIC shares yesterday closed down 1.5 points at VND65,000, or $3.1 per share on the HCM City Stock Exchange. — VNS