Steel firm Pomina to raise capital by 15 per cent

Wednesday, Aug 28, 2019 07:39

Steel products stored at a Pomina Steel Corporation mill. The company plans to issue more than 36.33 million shares to increase its charter capital by 15 per cent. — Photo
Pomina Steel Corporation (Pomina) plans to issue more than 36.33 million shares to raise its charter capital by 15 per cent to VND2.8 trillion (US$120.2 million).

Every shareholder will receive 15 new shares for each 100 shares they own. The share issuance will be funded by the firm’s undistributed post-tax profit recorded on June 30.

The share issuance matches the company’s dividend payout plan approved at its annual shareholder meeting on April 26.

Pomina currently has VND2.43 trillion of charter capital.

In the first half of the year, Pomina earned nearly VND6.2 trillion in total revenue, down 6.8 per cent yearly. The company posted a loss of VND132 billion in the six-month period.

As of June 30, Pomina had VND526 billion worth of undistributed post-tax profit, VND701 billion worth of investment and development fund and VND35 billion worth of share premium.

Pomina is listing more than 243.3 million shares on the Ho Chi Minh Stock Exchange (HoSE: POM). Its shares have shed more than 55 per cent in value since October 8, 2018 to end August 27 at VND6,500 per share. — VNS

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