PVChem to issue 31.2 million shares

HCMC – PetroVietnam Chemical and Services Joint Stock Corporation (PVChem) has announced it will issue 31.2 million shares to pay dividends and sell shares to its existing shareholders.

PVChem plans to distribute 10 million dividend shares as part of its capital increase plan, with October 26 set as the record date. For every 10 PVC shares held, shareholders can get an additional two shares.

These dividend shares will be financed by the company’s development investment fund, according to its 2022 audited financial reports.

In addition, PVChem will issue 21.2 million new shares. Shareholders will be able to buy 4.24 new shares at a price of VND10,000 per share for every 10 shares held.

The period for registering to buy these new shares is November 8 to 15, with the payment deadline set for November 28.

If successful, PVChem’s registered capital will climb to VND812 billion from the current VND500 billion.

The company expects to raise VND212 billion through this share issue. Of this amount, VND182 billion will be allocated for the establishment of two new subsidiaries. The remainder will be funneled into PVChem Drilling Mud and Services Company.

In the first nine months of this year, PVChem estimated its total revenues at over VND2.2 trillion, rising 11% year-on-year. Its pre-tax profit also increased 10.9% over the same period last year to VND34.8 billion.

Hanoi bourse-listed PVC edged up 2.72% to trade at VND18,900 per share at the close today, October 16, with a matching volume of over two million shares.

Losers outnumbered winners on the Hochiminh Stock Exchange by a ratio of 393 to 114. The VN-Index lost 13.31 points, or 1.15%, to 1,141.42 points, with 676.2 million shares valued at over VND15.3 trillion changing hands.

Trading volume and value improved by 8.82% and 9.12% respectively over the previous session. Block deals contributed more than one trillion to the overall value, with 53.2 million shares transacted.

Securities stock SSI took the lead by liquidity on the southern market, with a trading volume of over 28.3 million shares. However, it closed the session down 4.3% to VND32,100 per share.

Decliners doubled advancers on the northern bourse by 108 to 52. The HNX-Index dropped 2.59 points, or 1.08%, to 236.46 points. The trading volume of the Hanoi Stock Exchange totaled 85.9 million shares worth more than VND1.9 trillion.

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