HÀ NỘI — The Vietnam Rubber Group - Joint Stock Company (GVR) plans to sell all 10.74 million shares at Sài Gòn VRG Investment Corporation (SIP).
It approved on Thursday the starting price of VNĐ97,500 (US$4.22) per share.
On the stock market, SIP shares are being traded at around VNĐ131,000 per share, increasing by over 67 per cent since the beginning of November.
Temporarily calculated at this market price, the amount that GVR can collect after the sale would be more than VNĐ1.4 trillion, much higher than the initial investment of GVR in SIP of VNĐ240 billion.
The offered 10.74 million SIP shares are equivalent to 11.76 per cent of SIP’s capital. Over 9.34 million shares will be offered in the first phase, the other 1.4 million will continue to be offered as bonus shares.
The shares will be sold via order matching or put through method on the stock exchange.
The An Lộc Investment and Urban Development Joint Stock Company is now SIP’s largest shareholder with 16.27 per cent capital ownership; followed by Chairman Trần Mạnh Hùng, GVR, Nam Tân Uyên Industrial Park JSC - a subsidiary of GVR and General Director Lư Thanh Nhã.
SIP was established in 2007. It is involved in investment, construction and trading of industrial and residential infrastructure and land leasing.
The company also has huge land areas in many prime locations. For example, the Đông Nam industrial park has a total area of 342ha, located in a strategic location between HCM City and Bình Dương Province. Lê Minh Xuân 3 Industrial Park, with an area of 220ha, is located in a prime location in Bình Chánh District - the bridge between HCM City and the Mekong Delta.
Phước Đông Industrial Park has a total scale of 2,838ha, of which the part for the industrial zone is 2,190ha, and commercial area 1,523ha. The park is located in the heart of Tây Ninh Province, the junction between HCM City and Phnom Penh.
In the first nine months of the year, GVR recorded revenue of VNĐ12 trillion, post-tax profit reached VNĐ2 trillion, down 6 per cent and 12 per cent compared to the first nine months of 2019.
GVR plans to achieve revenue of VNĐ24.65 trillion in 2020 and after-tax profit of VNĐ4 trillion, up by 8 per cent and 5 per cent respectively compared to 2019.
Thus after the first nine months of the year, the company has only completed 50 per cent of the profit plan.
In terms of cash flow, in the first nine months of the year, cash flow from main businesses was positive at VND1.244 billion over the same period last year.
As of September 30, GVR's total assets increased by 0.9 per cent to VNĐ79.2 trillion, of which the amount of money and financial investment increased by 13.7 per cent compared to the beginning of the year, corresponding to an increase of VNĐ1.9 trillion to VNĐ15.5 trillion, accounting for 19.6 per cent of total assets. — VNS
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