Gemadept to issue bonds for raising capital in Nam Hai Port JSC

Gemadept Joint Stock Co (coded GMD) plans to issue 413,000 convertible bonds at par value of one million dong per bond this year for the purposes of changing for Nam Hai Port Joint Stock Co’s shares in order to raise the holding ratio in Nam Hai Port JSC.

In details, according to GMD’s management board, Nam Hai Port Joint Stock Co has development potentials matching with GMD’s business lines.

Therefore, Gemadept decided to issue convertible bonds to exchange with other shareholders of Nam Hai Port JSC to raise the holdings ratio there.

At present, GMD owns 30 percent of total chartered capital in Nam Hai Port JSC. Last year, Nam Hai Port JSC reported gaining total revenue of 132.6 billion dong, after tax profit of 43.58 billion dong. In the first three months, Nam Hai Port’s total revenue was posted at 28.42 billion dong and after tax profit of 13.95 billion dong.

Gemadept plans to negotiate with representatives of Nam Hai Port JSC with proposed ratio of 1:1.2 and the offered price for changing from bonds into GMD-coded shares would be 42,000 dong per shares, after 12 months of issuance.

This year, the company plans to reach total revenue of 1.8 trillion dong and profit after tax of 230 billion dong. In addition, GMD would make investment in two countries of Laos and Cambodia in infrastructure construction, ports, logistic system, mining, real estate and tourism.

Tags: Gemadept, Nam Hai Port, vietnam stock, Vietnam stock market

Posted by VBN on Jun 30 2010. Filed under Stock. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry