Vneco to issue over 31m shares 
Intellasia | VNECO - 08/07/2010 10:50:56 SA -
Vietnam Electricity Construction Joint Stock
Corp (coded VNE) has been officially approved by State Securities
Commission for issuing 31,721,080 shares to offer and pay dividend to
the existing shareholders on July 2, 2010.
As per the method that the shareholders passed in the annual
shareholders meeting, VNE will issue 25,376,864 shares for offering to
existing shareholders at price of 10,000 dong per shares at a ratio of
10:8 and the rest 6,344,216 shares for 2009 dividend payout at the rate
of 20 percent.
After this share-issuing period, the company's chartered capital will be
increased from 320 billion dong to 637.21 billion dong.
The raised capital will be used for restructuring VNE's capital
structure, making capital contribution in Hoi Xuan Electricity
Construction and Investment Joint Stock Co (Hoi Xuan Vneco) to realise
the 102MW Hoi Xuan hydropower plant in Thanh Hoa province and other
projects and in Meca Vneco Joint Stock Co to carry out high-class
apartment complex at No 277 Ben Binh Dong St, Dist 8, HCM City.
In 2010, the company set targets of reaching total revenue of 924.69
billion dong, pre-tax profit of 124.39 billion dong and after tax profit
of 111.83 billion dong.
Last year, Vneco reported gaining total revenue of 742.44 billion dong
and after tax profit of 80.93 billion dong.
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