Development Investment Construction JSC (DIC Corp) announced it will hold an Extraordinary General Meeting of Shareholders in 2022 on September 14 in Ba Ria - Vung Tau Province.

According to the meeting document, the Board of Directors will submit an offer of 150 million shares to existing shareholders at the ratio of 1,000:245.96 at the price of VND20,000 per share (US$0.85 per share), half of the market price.

The company is expected to collect VND3 trillion from the issuance. The money will be invested in the Long Tan tourist urban area project in Dong Nai Province. The plan is expected to be carried out from the third quarter to the fourth quarter. After completing the issuance, the charter capital of DIC Corp increases to nearly VND7.6 trillion.

Previously, at the 2022 Annual General Meeting of Shareholders, DIC Corp was approved by shareholders to offer an additional 100 million shares to the public at the price of VND30,000 a share at a ratio of 1:0.164. Therefore, the number of shares the company wants to issue will advance by 50 million units and the price will decrease from VND30,000 to VND20,000.

It also changed the implementation plan of the Long Tan tourist urban area project. DIG has to raise the expenses of compensation, land clearance, land use fees and the cost of building an erosion prevention embankment for the project of Long Tan tourist urban area in Nhon Trach.

This year, DIC Corp targeted a total revenue of VND5 trillion with profit before tax of VND1.9 trillion, up 43.2 per cent and 48.2 per cent on-year, respectively. However, after the first six months of 2022, the company has only completed 21.9 per cent of the revenue target and 9.6 per cent of the annual profit target.

On the stock exchange, the property developer's shares were traded at VND38,150 a share yesterday, down 5.77 per cent. — VNS