Nam Kim Steel registers to sell 10 million treasury stocks

Monday, Jun 14, 2021 15:53

Inside Nam Kim Steel's warehouse. The company's shares rose 2.28 per cent to close Monday morning at VND32,800 per share. — Photo

Nam Kim Steel JSC (NKG) announced a plan to sell treasury stocks on June 11. Accordingly, the company registered to sell all 10 million treasury stocks from June 22 to July 21.

The deal aims to restructure capital, supplement working capital to invest in production and business activities. Previously, NKG planned to sell only the above shares by agreement.

On the stock market, NKG shares are currently trading in historic high territory. In Monday's trade, NKG shares closed the morning session at VND32,800 per share, up 3.13 per cent.

With the current price, Nam Kim Steel is expected to earn an amount of VND328 billion (US$14.3 million) from selling these treasury stocks.

Nam Kim Steel bought back these 10 million treasury shares in June 2020 at an average price of VND7,800 per share, which is only 24 per cent of the current price.

Nam Kim Steel also announced the consolidated financial statements of the first quarter with revenue of nearly VND5 trillion (US$210.9 million), double that of the same period in 2020.

Thanks to cost savings, Nam Kim Steel earned nearly VND319 billion ($13.8 million) in net profit, 7.7 times higher than the same period last year. This is also the company's record quarterly profit so far. — VNS

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