Vingroup subsidiary plans $364 mln charter capital increase
Vietnam Exhibition Fair Centre JSC, a subsidiary of Vietnam’s largest private conglomerate Vingroup, plans to issue 852.9 million shares this year with ratio of 1:5.12 and price of VND10,000 ($0.43) per share.
The expected proceeds of VND8.53 trillion ($363.7 million) will help raise the company's charter capital from VND1.67 trillion ($71 million) to VND10.2 trillion ($434.7 million), according to documents for its 2023 general meeting of shareholders, scheduled to take place on May 25.
Illustration of the National Exhibition Center project in Dong Anh district, Hanoi. Photo courtesy of the project.
The company (VEFAC) plans to use the proceeds to implement real estate projects, namely a new urban area in Xuan Canh, Dong Hoi, Mai Lam communes of Hanoi's Dong Anh district, with additional capital of VND6.98 trillion ($297.49 million), and the National Exhibition Center project in Dong Hoi and Xuan Canh communes of the same district, with additional capital of VND1.47 trillion ($62.56 million).
The new urban area project has a capital scale of VND34.88 trillion ($1.49 billion), while the figure for the National Exhibition Center project is more than VND7.34 trillion ($312.8 million).
In 2022, VEFAC's after-tax profit hit VND319.6 billion ($13.6 million), up 1.6 times compared to its plan, mainly thanks to "efficient financial investment activities".
In 2023, VEFAC continues to simultaneously implement projects in Hanoi including: the National Exhibition Center, the new urban area project in Dong Anh district, a service and trade complex at 148 Giang Vo street in Ba Dinh district, and the South Thang Long Avenue urban function area in Me Tri ward, Nam Tu Liem district, all in Hanoi.
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