Steel producer Hoa Phat Corporation plans to issue more than 606.8 million bonus shares, worth VND6 trillion (US$266.7 million), to pay a 40 per cent dividend for its performance in 2017.

Each shareholder will receive four additional shares for every 10 shares owned. The share issuance is scheduled in the second or third quarter of 2018, after receiving approval from the State Securities Commission.

The share issuance will increase the firm’s charter capital to VND21.2 trillion from VND15.2 trillion.

In 2017, Hoa Phat Corporation posted VND46 trillion in net revenue, a yearly increase of 38.7 per cent. Its post-tax profit in 2017 rose 21 per cent year on year to more than VND8 trillion.

The company is listing more than 1.5 billion shares on the HCM Stock Exchange with code HPG.

Its share price rose 1.7 per cent to end Friday at VND53,900 ($2.4) per share, down 19 per cent from the record-high of VND66,700 per share in early March. — VNS