FPT to hold 100pct stake into three offshoots

As planned, FPT Group Joint Stock Co (FPT)’s chartered capital will be raised to more than 2.133 trillion dong after the company offering 19,830,986 shares for the swap to take the shares from the shareholders of three subsidiaries namely FPT Software, FTG and FIS.

According to the FPT’s internal newsletter, FPT’s director board met and decided to make restructuring for three its member companies including FPT Trading Joint Stock Corp (FTG), FPT Software Joint Stock Co (FPT Software) and FPT Information System JSC (FIS).

Accordingly, FPT will transfer the shares of the remaining shares at these aforementioned companies to own 100% stake of these offshoots. Currently, FPT holds 92.26% stake into FIS, 66.07% stake into FPT Software and 91.79% stake into FPT Trading.

In details, FPT will issue more 19.830.986 shares for the swap to take shares from these three companies.

The swap ratio will be based on the results of the evaluation of the FPT share value and three member companies. Particularly, the swap ratio for FPT shares and FIS shares at 1:1.22, and it is 1:1 for FPT and FPT Software and 1:0.91 for FPT and FTG.

After finalizing the swap, these three companies will become three on-member limited companies owned by FPT. The operation fields of three companies will be retained.

As expected, after issuing more shares, FPT’s new chartered capital will be more than 2.133 trillion dong. Till May 2010, FPT’s chartered capital was nearly 1.917 trillion dong.

The restructuring plan will be submitted to the coming annual shareholders’ meeting that will be held on April 15 in Hanoi.

Tags: FPT