Vietnam Vegetable Oils Industry Corporation (Vocarimex) recently announced a plan to spend more than VND1.2 trillion (US$51.3 million) to pay a special dividend.

On January 5, at the Extraordinary General Meeting of shareholders, Vocarimex decided to divest 24 per cent of Calofic's shares to its partner Siteki Investment PTE with an agreed-upon transfer value of over VND2.1 trillion.

The company’s representative said that it will pay a special dividend in cash at a rate of 100 per cent to shareholders if the transfer succeeds and has a profit. At the dividend rate, a shareholder owning one share will receive VND10,000.

With 121.8 million shares outstanding on UpCOM, the leading vegetable oil producer in the domestic market is expected to spend more than VND1.2 trillion in the dividend payment.

March 17 is the last registered date to receive dividends, while April 12 is the expected payment date.

While TPBank, VP Bank, and Vietnam International Commercial Joint Stock Bank plan to pay a dividend at rates of around 25 – 30 per cent, Vocarimex is one of those whose payment rate is at 100 per cent.

Last year, the food company just paid a cash dividend at a rate of 12 per cent.

In 2022, it posted net revenue of over VND1.6 trillion, an increase of 7.8 per cent year-on-year, but still recorded a loss after tax of more than VND45.6 billion due to a sharp decrease in profit margin. — VNS