Sai Gon-Ha Noi Securities JSC (SHS) has completed the issue of nearly 5.4 million shares to swap with shares of SHB Securities JSC (SHBS), accomplising the merger of the two companies.

After the swap, the total outstanding shares of SHS increased to nearly 105.4 million, an equivalent to a charter capital of over VND1.05 trillion (US$46.2 million).

Towards the end of last year, Sai Gon-Ha Noi Securities approved the plan of merging SHB Securities JSC into the company in the form of a share swap. Accordingly, SHS would issue shares to SHBS shareholders in return for their shares at a swap ratio of 1:2.78, meaning 278 SHBS shares will convert into 100 SHS shares.

The newly-issued shares will be subject to trading restriction within one year.

In its annual shareholders meeting on April 24, SHS shareholders gave nods to the company’s plan of issuing 26.3 million shares to pay 2017 dividends at the rate of 25 per cent, as well as additional issue of 70.3 million shares to existing shareholders at the rate of 66.7 per cent at the price of VND12,000 per share.

Its charter capital is expected to increase to VND2.07 trillion after the issues.

The company reported a pre-tax profit of VND169 billion in the first quarter, a three-fold increase over the same period of last year. — VNS