VIETNAM: Saigon Beverages to issue more shares
Saigon Beverages Co. is to issue new shares. The company confirmed the move today and is hoping to boost its registered capital by 20% to 45.48 billion dong (US$2.91m).
Reuters reports a company executive as saying that the company, known as Tribeco, hopes to issue 758,000 new shares with a face value of 10,000 dong. No date for the issue was given. The executive told Reuters that Tribeco would use part of this year's profit to fund the issue and would grant one new share for every five already held.
In the first nine months of this year net profit for the soya milk and soft drink manufacturer leapt by 179.8% year-on-year to 13.85 billion dong (US$1.22m). The executive estimated gross profit for this year of around 19 billion dong. Last year Tribeco posted gross profit of 10.19 billion dong.
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