Hoa Phat Group plans to issue 1-1.6tr dong convertible bonds

VNStockNews.com - Hoa Phat Group Joint Stock Co (coded HPG) has collected the shareholders' opinions about some of the company's business issues.

In details, based on the group's business results in the first nine months of this year, the company's management board has considered and approved to increase the 2009 dividend payment rate to 50 percent, in which 10 percent of dividend payment is in cash and the rest 40 percent in shares.

As for bonus shares, HPG has sought for shareholders' opinions for using the capital surplus fund to allocate bonus shares at the rate of 10 percent. The payment is expected to be made within the first half of 2010.

In addition, on the basis of the group's business situation and capital demands in the near future, especially when HPG focuses on large real estate projects such as 292.15-hectare Tay Mo urban area, the company's management board plans to seek for the shareholder's approval for issuing convertible bonds with total value of 1-1.6 trillion dong.

The management board will take responsibility for deciding the bond-issuing methods, selection of the consultancy organisation and agents, bond volume, initial price, terms, interest rate and other items.

The group's management board called for the shareholders to send their votes to the company before November 15.