Becamex IJC, a subsidiary of Vietnam's leading developer of industrial townships Becamex IDC, plans to issue 125.92 million shares to existing shareholders in 2023-2024 to raise VND1.26 trillion ($53.6 million) at a ratio of 50%.
The company plans to spend VND466 billion ($19.85 million) contributing capital to other companies before October 31, 2023); VND756.4 billion ($32.2 million) paying short-term and long-term loans and interest to banks, bondholders, and customers in Q4/2023; and VND36.7 billion ($1.56 million) expanding business capital from Q4/2023 to Q1/2024.
Becamex IJC has also approved a plan to buy 55.5 million shares in Becamex Binh Phuoc Infrastructure Development JSC to raise its ownership from 0% to 31.7% of charter capital. The purchase price is expected to be VND12,000 ($0.51) per share. The deal is expected to cost VND666 billion ($28.36 million).
Payment will be divided into two installments. The first phase amounts to VND200 billion ($8.5 million) before June 30, 2023, and the second phase VND466 billion before October 31, 2023.
Becamex IJC, listed on the Ho Chi Minh Stock Exchange (HoSE) as IJC, traded at VND14,600 ($0.62) at Monday's close.
Becamex Binh Phuoc, established in early 2008, is located in Binh Phuoc province and operates in the field of real estate. Its legal representative is Nguyen Thanh Nha.
As of March 31, 2023, Becamex IDC had owned 40% of Becamex Binh Phuoc's charter capital, equivalent to an investment value of VND326.5 billion ($13.9 million), with actual investment value of VND240 billion ($10.22 million).
By December 31, 2022, Becamex had recorded a profit arising from its investment in Becamex Binh Phuoc of VND90.76 billion ($3.86 million), raising the total investment value to VND330.8 billion ($14.09 million), equivalent to 31.2 million shares.