VNStockNews.com - The southern-bourse-listed Van Phat Hung Joint Stock Co (coded VPH) has approved the proposal for issuing 15,237,408 shares and 300,000 corporate bonds in order to raise chartered capital, supplementing working capital.
In details, in Q2 or Q3, VPH will issue 1.38 million shares for current employees; and 13,857,408 shares for the existing shareholders at a ratio of 2:1 with offered price equaling to face value.
In addition, the company will offer 300,000 convertible bonds at maximum for strategic partners with par value of 1 million dong per bond.
The raised capital from the share issuance will be spent on the first phase of La Casa complex project and Nhon Duc one. The company planned to start offering apartments in Nhon Duc project for customers from June 2011.
This year, VPH expects to gain total revenue of 638 billion dong from selling apartments in five projects, of which La Casa project was supposed to contribute 450 billion dong and the rest 89.4 billion dong from transferring landplots in projects sited in Dist 9, HCM City.
At the same time, the company planned to withdraw capital contribution in some other companies such as Nha Be Real Estate JSC (8.7 billion dong), Viet Hung Management JSC (2 billion dong), Golden Lotus Securities JSC (over 13 billion dong) and Kim Cuong Xanh JSC (2.4 billion dong) in order to focus on carrying the current projects.
Last year, VPH reported gaining total net revenue of 84 billion dong and after tax profit of 9.6 billion dong. The company will not pay 2010 dividend but to transfer the unallocated profit to fiscal year of 2011 with expected dividend payment of 15 percent this year.
In 2011, VPH targeted to reach total revenue of 377 billion dong and after tax profit of 64.8 billion dong.
