Lu Gia Mechanical Electric Co. cancels issue plan of 469,490 shares

A resolution of Lu Gia Mechanical Electric Joint Stock Co's (coded LGC) shareholders' meeting recently agreed to cancel its issue plan of 469,490 shares to strategic partners and the company's employees. Of which, 350,000 shares are for strategic partners and 119,490 remaining shares are for the company's employees.

According to LGC, this cancellation is due to unfavourable conditions of the stock market.

The issuance of these shares will be re-announced after the shareholders choose most suitable time.

At the same time, LGC passed a plan to sell 281,462 shares (these are remaining shares from the issuance of five million shares to existing shareholders) to HCM City Infrastructure Investment Joint Stock Co (coded CII) priced at 16,000 dong per share, bringing the CII's total holding in LGC to 39.13% stake, equalling to 2,934,912 shares.

The time to transfer these shares will be within two-years.