PV Gas to pay record cash dividend of 60%
The dividend payment period for the year 2023 will be from October 14 to November 29.
PV GAS is set to distribute a cash dividend at an impressive rate of 60 per cent and has unveiled its strategic plan to issue new shares as part of its capital expansion efforts this year.
The dividend payment period for the year 2023 will be from October 14 to November 29.
The 60-per-cent dividend rate sets a record for PV GAS, exceeding three times the ratio proposed at the 2023 Annual General Meeting, which was subsequently approved at the 2024 Annual General Meeting.
Last year, PV GAS achieved a net profit of nearly VNĐ11.8 trillion (US$464.5 million).
PV GAS's Board of Directors has also approved a resolution that outlines the implementation of a share issuance plan to increase the company's equity capital from its shareholder's equity sources in 2024.
The issuance of additional shares is to bolster its capital and ensure a balanced structure between charter capital and shareholder equity, in line with the company's scale of production, business operations and investment activities, the company said.
The planned issuance involves a maximum of over 45.9 million shares, with an estimated total value (based on face value) of more than VNĐ459.3 billion.
To facilitate the process, a 50:01 exercise ratio will be implemented. This means that on the record date, each existing shareholder will receive one additional share for every share they own. For every 50 rights exercised, shareholders will be entitled to receive one new share.
The transfer of shares issued from shareholder equity sources to existing shareholders will not be restricted.
After receiving the State Securities Commission's approval on the issuance report documentation, PV GAS plans to commence the share issuance in the third to fourth quarter of 2024.
PV GAS's current charter capital, prior to the issuance, stands at nearly VNĐ23 trillion. The company has already issued nearly 2.3 billion shares, with no treasury stocks.
On the stock market, PV Gas shares were traded at VNĐ78,900 per share at 11am on Monday. — VNS
