The Dong Nai Province-headquartered Mien Dong Joint-Stock Company (MDC) will issue new shares to increase its charter capital and list on the HCM Stock Exchange this year, as approved at a shareholder annual meeting late last week.
The Dong Nai Province-headquartered Mien Dong Joint-Stock Company (MDC) will issue new shares to increase its charter capital and list on the HCM Stock Exchange this year, as approved at a shareholder annual meeting late last week.
Chairman Nguyen Van Khoa said the executive board would decide the specific time for each movement at a later date.
The MDC, whose operations cover building material production, construction and real estate business, has a charter capital of VND66 billion (US$3.45 million).
The company will release 3.1 million new shares and its capital will rise to VND130 billion ($6.8 million).
Existing shareholders will be eligible to acquire one new unit for every 10 they own at the price of VND11,000.
More than 2.1 million shares will go to potential partners at a price the executive board will decide later.
The company expects to collect more than VND45 billion ($2.4 million) from the sales.
The money will be used for investment in the Da Dang 3 Hydropower Project which is under construction in
This project requires a total investment of VND373 billion ($19.6 million) and once completed in 2013 it will have a capacity of 12MW.
This year, the MDC will invest VND193 billion ($10.1 million) in projects including the Binh Thuan Windpower and Minh Tam Cement Factory in Binh Phuoc Province and several residential areas in Dong Nai. Around 70 per cent of the amount will come from commercial loans.
Last year the company achieved VND25 billion ($1.3 million) in net profit, compared to the VND23 billion target.
(Source: VNS)
