S96 establishes subsidiary company and pays first round dividend payment

VNStockNews.com - Song Da Joint Stock Co No 9.06 (coded S96) has recently held the shareholders meeting on November 4. According to the approved resolution, the company will establish a subsidiary named Song Da Dong Do Joint Stock Co, in which the parent company – Song Da 9.06 Joint Stock Co holds 51 percent of the registered capital.

In addition, the company's shareholders have approved to pay 2009 dividend payment – round 1 with the rate of 13 percent, equal to total value of 3.25 billion dong.

The company's management board was authorised for approving the company's investment projects, signing contracts and doing other concerning works relating to the implementation of the projects.

At present, S96 has carried out large projects such as Song Da Binh Tan urban area, Hong Thai urban area, Nam Xay Noi hydropower plant No 2 and other projects of urban areas and industrial zones.

The company's management board also approved the methods of issuing shares to increase the chartered capital from 25 billion dong to 100 billion dong. In details, the company will offer 125,000 shares for the current staff and the rest 7.375 million shares to be offered for existing shareholders with the rate of buying warrant of 1:2.95 with the offered price equal to the par value.