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The Vietnam Dairy Products Joint Stock Company, known as Vinamilk, is going to issue nearly 9mil shares on Singaporean Stock Market in 2007.
The issuance of 9mil shares on the foreign stock market will be on the agenda of the shareholders’ meeting to be held on March 31.
The board of director of Vinamilk plans to issue 8,852,524 shares on Singaporean stock market in 2007 which have the total face value of VND88,525,240,000 ($5.532mil), or 5% of its chartered capital.
Up to now, Vinamilk has been the only company that announced the plan to issue shares in foreign stock markets. The share issuance by Vinamilk may be a part of the programme to access the Singaporean stock market initiated by the Ministry of Finance. The programme is expected to be kicked off in April.
Vinamilk intends to issue 17,705,048 bonus shares to its existing shareholders at the proportion of 10:1 (investors have the right to buy one new share for every 10 shares they are holding). The bonus share issuance is scheduled to begin on June 30, 2007 if the plan is approved by the shareholders’ meeting.
Vinamilk has announced it has fulfilled 21.8% of the yearly plan on targeted VND898bil ($56.12mil) profit in the first two months of the year.
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