VGG to issue 2.1 million ESOP shares

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Viet Tien Garment Corporation (VGG) will issue 2.1 million shares under the employee stock ownership plan (ESOP) in the first quarter of this year.

 

A store of Viet Tien Garment Corporation. The company will issue 2.1 million shares for its employees. — Photo ndh.vn

Viet Tien Garment Corporation (VGG) will issue 2.1 million shares under the employee stock ownership plan (ESOP) in the first quarter of this year.

The share’s face value will be VND10,000 (45 US cents) per share. After issuing these shares, VGG’s charter capital will rise to VND441 billion.

These ESOP shares cannot be transferred for five years from the date of issuance. In case employees quit jobs or want to transfer ESOP shares before the five-year period is over, they have to sell the shares to the company at VND10,000 per share.

On March 10, 2016, 28 million shares of VGG were listed on the Unlisted Public Company Market (UPCoM) at a reference price of VND40,000 per share. On Tuesday, VGG closed at VND61,000 per share.

The company’s revenue target was VND6.3 trillion and its after-tax profit VND200 billion in 2016. A 20 per cent dividend is expected. — VNS

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