VNDirect aims to raise over $98.4 million from share offerings

Wednesday, Mar 27, 2024 13:32

Investors watch the market's movements at a trading floor of the VNDirect. — Photo courtesy of the company

VNDirect Securities Corporation will continue to carry out a public share offering and dividend issuance, according to its recently issued resolution.

The resolution includes granting authority to Chairwoman Phạm Thu Hương to oversee the necessary documentation.

As disclosed in August, the securities firm plans to offer about 244 million shares to existing shareholders at a ratio of 5:1, meaning that each shareholder is entitled to purchase one new share for every five shares held.

The offering price is set at VNĐ10,000 per share (US$0.4 per share).

The implementation is scheduled for either 2023 or 2024, pending approval from the State Securities Commission (SSC). The expected proceeds from the offering amount to around VNĐ2.44 trillion ($98 million).

It also plans a stock dividend distribution at a rate of 5 per cent, equivalent to the issuance of nearly 61 million new shares. The funding will be sourced from audited undistributed profit after tax in the 2022 separate financial statements, amounting to over VNĐ608.9 billion.

This brings the total projected shares offered and issued by VNDirect to nearly 304.5 million, potentially increasing the company's charter capital from nearly VNĐ12.2 trillion to over VNĐ15.2 trillion.

The funds raised from the share offerings will be allocated at 40 per cent for capital reinforcement in securities margin lending, 20 per cent for valuable paper investments, 20 per cent for securities issuance guarantees and 20 per cent for warrant issuance and distribution.

Starting on March 24, the company's entire system experienced a cyberattack, resulting in a temporary loss of access to VNDirect's trading platform.

The company’s technology team has been working to restore the system, but the extensive data infrastructure requires additional time for reconnection.

As a result, both the main exchanges: the Hồ Chí Minh Stock Exchange (HoSE) and the Hà Nội Stock Exchange (HNX), have announced the suspension of trading connectivity with the company, effective March 25, until the incident is completely resolved to ensure the security of the trading system.

On the stock market, shares of the company rebounded on Wednesday morning, trading at VNĐ23,550 per share at 10:42 (local time) after falling for two straight days. — VNS

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