CBS to be listed on UPCoM

Wednesday, Jun 14, 2017 14:18

Sugar canes piles at the Cao Bang Sugar JSC’ plant in Cao Bang Province. — Photo

The Cao Bang Sugar JSC (CBS) will list its shares on Ha Noi Stock Exchange’s (HNX) Unlisted Public Company Market (UPCoM) on June 20, with 2.52 million common stocks listed under the stock code CBS and the reference price of VND22,000 (US$0.98) per stock.

Registered CBS stocks at VND10,000 ($0.44) per share currently have no foreign holder, though the company does not have any stockholding limits for foreign investors.

During its annual general board meeting in late October 2016, CBS approved of the dividend paying method via stocks at 12 per cent and issuance of bonus stocks from sources other than owner’s equity at 28 per cent of the existing stocks. This means shareholders will receive an additional 12 per cent and 28 per cent of their current number of shares, respectively, without change in the company’s total owner’s equity.

According to a CBS’ December 2016 report, the company has successfully issued 720,000 shares including 216,000 dividend paying shares and 504,000 capital raising shares. The total value of increased shares is VND7.2 billion.

At present, the company’s registered charter capital is equal to VND25.2 billion ($1.12 million), of which CBS’ Chairman of the Executive Board Nong Van Lac owns up to 38.5 per cent. CBS also has premium shares valued at VND3.94 billion ($175,422).

By the end of 2016, CBS reported its post-tax income at VND6.57 billion ($293,198), six per cent of which went to paying stocks dividend. It also has short term financial debts of more than VND35 billion ($1.55 million).

CBS plans to increase production until 2020 to an annual average of 110,000 tonnes of sugar.

The company switched to a joint stock company in 2006 from a State-owned entity. It operates in the manufacturing and distributing refined sugar sectors, with additional businesses in construction material and petroleum. — VNS

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