TCL to issues 6.3m shares, instead of 1.8m shares approved before

The management board of Tan Cang Logistics and Stevedoring Joint Stock Co (coded TCL) announced to seek approval among the shareholders for cancelling the plan of issuing additional 1.8 million shares in the resolution that had been approved in the 2010 shareholders meeting. Instead of that, TCL planned to issue additional 6.3 million shares for making investment in its current projects.



In details, Tan Cang Logistics planned to issue 2,243,988 shares for existing shareholders under ratio of 100:12 with offered price of 60 percent of average share price in 10 consecutive sessions on Hochiminh Stock Exchange (STC) but not lower than the book value of 15,860 dong per share.



In addition, the company will offer 2,068,566 shares for Tan Cang Saigon Corp and 1,987,446 shares for strategic partners at price of 120 percent of the offered price for existing shareholders.



The company planned to use the raised capital for investing in two bridge construction projects worth over 5 million euros and $1.6 million respectively, as well as to supplement the company’s working capital.



In 2011, TCL aimed to obtain targeted revenue of 869 billion dong, pre-tax profit and after tax profit of 152 billion dong and 103.5 billion dong respectively, EPS of 4,345 dong.



The company has paid 2010 dividend at 20 percent over chartered capital of 250 billion dong.

Tags: Vietnam business, Vietnam stock news

Posted by debtmanguy on Mar 15 2011. Filed under Enterprises. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry