Bamboo Capital expects record profit

By An Le
Sat, May 7, 2022 | 8:17 pm GMT+7
An artist's impression of the Hoi An D'or project, developed by BCG Land. Photo courtesy of the company.

An artist's impression of the Hoi An D'or project, developed by BCG Land. Photo courtesy of the company.

Bamboo Capital Group (BCG) expects a net revenue of VND7,250 billion ($316 million) and profit after tax of $96 million in 2022, up 280% and 220% from the 2021 results.

At its annual general meeting on Friday, the multi-sector Vietnamese corporation announced its dividend payout ratio of 10%, of which 5% in cash and 5% in shares.

BCG planned to double its charter capital to VND10,500 billion ($457 million) via issuances of shares worth $256 million.

The corporation will issue an additional 266 million shares at the price of VND10,000 ($0.44) to existing shareholders, in the ratio of 2:1 (each shareholder owning two shares can buy one new share).

For the first time, BCG intended to issue shares by auctioning off 250 million shares to the public. The initial offering price is at least 70% of BCG shares’ average reference price over 60 consecutive trading days on the stock market prior to the date the firm announces the offering resolution.

It also planned to issue five million employee stock ownership plan (ESOP) shares and 25.3 million shares for dividend payments.

chart-170025.jpg

By expanding its chartered capital in 2022, BCG could improve its financial capacity, boost business growth, and create greater value for shareholders. This would also assist the group in achieving its profit after tax target of VND10,000 billion (nearly $436 million) by 2026, a BCG leader told the meeting.

BCG decided to contribute $218 million from the additional capital to subsidiary BCG Financial, aiming to raise capital for AAA Insurance JSC. This intends to help the insurer accelerate in the non-life insurance market, develop more life insurance products, and be able to list on the local stock exchange in the next three years.

Through BCG Financial, BCG will also invest in Bamboo ID JSC’s fintech segment to develop a digital banking app and make long-term investments in banking and M&A activities.

The group planned to conduct an initial public offering (IPO) for real estate subsidiary BCG Land in the third quarter of 2022, and have it listed on the Vietnamese stock market. BCG Land’s chartered capital is expected to jump by $87 million to $287.5 million following its IPO.

Shareholders on Friday voted for Nguyen Tung Lam to replace Khuat Tuan Anh as a board member in the term 2022-2026.

Comments (0)
  • Read More
French giants seek to join nuclear power, high-speed rail projects in Vietnam

French giants seek to join nuclear power, high-speed rail projects in Vietnam

Major French corporations on Wednesday proposed engaging in nuclear power and high-speed rail projects in Vietnam, as well as cooperating in aerospace development while meeting with Prime Minister Pham Minh Chinh in Paris.

Economy - Thu, June 12, 2025 | 3:55 pm GMT+7

Three outlets of C.P. Vietnam fined for food safety violations

Three outlets of C.P. Vietnam fined for food safety violations

Three CP Fresh Shop outlets operated by Thailand-invested C.P. Vietnam in the southern province of Soc Trang have been fined a total of VND105 million ($4,100) for food safety violations.

Companies - Thu, June 12, 2025 | 3:19 pm GMT+7

Vietnam's parliament okays cutting number of provinces and cities from 63 to 34

Vietnam's parliament okays cutting number of provinces and cities from 63 to 34

The National Assembly, Vietnam's legislature, on Thursday passed a resolution that will reduce the country's number of provinces and cities from 63 to 34, effective immediately.

Economy - Thu, June 12, 2025 | 11:49 am GMT+7

Two French aerospace giants aim to expand presence in Vietnam

Two French aerospace giants aim to expand presence in Vietnam

France’s Aerospace groups Airbus and Safran on Wednesday expressed their wish to expand operations in Vietnam and proposed collaboration initiatives with the Vietnamese Government and businesses.

Economy - Thu, June 12, 2025 | 10:27 am GMT+7

What’s driving ambitious business plan of Vietnam's major developer Phat Dat?

What’s driving ambitious business plan of Vietnam's major developer Phat Dat?

Phat Dat Real Estate Development Corp (HoSE: PDR), a major developer in Ho Chi Minh City, aims for revenue of up to VND3.3 trillion ($126.8 million) this year, four times higher than in 2024.

Real Estate - Thu, June 12, 2025 | 8:49 am GMT+7

Indonesia partners with Japan’s SMBC to boost exports

Indonesia partners with Japan’s SMBC to boost exports

Indonesia’s Ministry of Trade has partnered with Japan’s Sumitomo Mitsui Banking Corporation (SMBC) to expand exports, particularly in high-quality and sustainable products.

Southeast Asia - Wed, June 11, 2025 | 9:39 pm GMT+7

Netherlands to invest $300 mln in Indonesia

Netherlands to invest $300 mln in Indonesia

The Netherlands has prepared an investment of IDR 4.89 trillion ($300 million) to support various programs currently being implemented in Indonesia, according to the Indonesian Chamber of Commerce and Industry (Kadin).

Southeast Asia - Wed, June 11, 2025 | 9:36 pm GMT+7

Singapore-based Jetstar Asia to cease operations from July 31

Singapore-based Jetstar Asia to cease operations from July 31

Singapore-based low-cost airline Jetstar Asia will cease operations from July 31 as part of a “strategic restructure” by its parent company, Australian flag carrier Qantas.

Southeast Asia - Wed, June 11, 2025 | 9:33 pm GMT+7

Indonesia aims to stop corn imports in 2026

Indonesia aims to stop corn imports in 2026

Indonesian President Prabowo Subianto has revealed that Indonesia is targeting to stop importing corn from 2026 when it is hoping to achieve self-sufficiency in corn production.

Southeast Asia - Wed, June 11, 2025 | 8:48 pm GMT+7

Nickel extraction threatens archipelago tourism in Indonesia

Nickel extraction threatens archipelago tourism in Indonesia

A nickel mining project in Raja Ampat, Indonesia has raised significant environmental concerns due to its potential to harm the archipelago’s ecotourism industry.

Southeast Asia - Wed, June 11, 2025 | 8:43 pm GMT+7

Vingroup forms consortium with VinEnergo to develop LNG-fueled power plant in northern Vietnam

Vingroup forms consortium with VinEnergo to develop LNG-fueled power plant in northern Vietnam

Vingroup, Vietnam's leading private conglomerate, will join a consortium with VinEnergo, an energy firm majority-owned by billionaire Pham Nhat Vuong, to invest in a 4,800MW LNG-fueled power project in the northern port city of Hai Phong.

Energy - Wed, June 11, 2025 | 5:49 pm GMT+7

Techcombank wins Gold for Innovation in Cross-Media Marketing at 2025 Asia-Pacific Stevie Awards

Techcombank wins Gold for Innovation in Cross-Media Marketing at 2025 Asia-Pacific Stevie Awards

Techcombank has reaffirmed its position as a leading banking brand in Vietnam by Brand Equity Index (BEI), achieving the highest score in the Vietnamese banking industry for a second consecutive quarter in Q1/2025, according to market research firm NielsenIQ.

Companies - Wed, June 11, 2025 | 5:22 pm GMT+7

Tech giant Qualcomm launches AI R&D center in Vietnam, its third outside US

Tech giant Qualcomm launches AI R&D center in Vietnam, its third outside US

Qualcomm on Tuesday launched an AI research & development (R&D) center in Vietnam, after acquiring a 65% stake in AI company MovianAI from Vingroup, a leading Vietnamese conglomerate, earlier this year.

Industries - Wed, June 11, 2025 | 3:16 pm GMT+7

Vietnam seeks big investments in high tech, renewables, logistics: forum

Vietnam seeks big investments in high tech, renewables, logistics: forum

Vietnam is looking for critical private investments in the sectors of high technology, semiconductors, renewable energy (LNG, hydrogen, electric batteries), logistics, industrial park development, innovation, and digital transformation.

Economy - Wed, June 11, 2025 | 3:05 pm GMT+7

Making home ownership accessible again: Nam Long ADC chairman

Making home ownership accessible again: Nam Long ADC chairman

Following the success of delivering over 10,000 affordable homes (EHome) and social housing units (EHomeS) in southern Vietnam, Nam Long ADC – a member of Nam Long Group – is strategically expanding this pioneering model to the northern market. Steven Chu, chairman of Nam Long ADC, provides an insight into this strategic move.

Executive Talk - Wed, June 11, 2025 | 2:00 pm GMT+7

Vietnam, France sign energy, mineral cooperation deals

Vietnam, France sign energy, mineral cooperation deals

Vietnamese and French agencies signed two cooperation documents in energy and minerals in Paris on Tuesday (local time).

Economy - Wed, June 11, 2025 | 12:19 pm GMT+7