Sunday, November 18, 2007

Vietnam housing developer reports performance, plans share issue

Ba Ria Vung Tau Housing Development Joint Stock Co (Hodeco)'s shareholders' meeting recently passed the plan in revenue and profit for the fourth quarter of 2007 and phase 2008 to 2010 whereby the company targeted to earn 53 billion dong in revenue and 6.095 billion dong from after tax profit in the fourth quarter of 2007 and 20.13 billion dong from after tax profit for the whole year.

In 2008, Hodeco plans to bring 406 billion dong in revenue and 52.78 billion dong from after tax profit. The figures will be 515 billion dong and 72.1 billion dong by 2009 and 700 billion dong and 98 billion dong by 2010 respectively.

The shareholders' meeting also approved the plan to raise the company's chartered capital via offering 2.672 million shares at the price of 35,000 dong per share to the public. The ratio for existing shareholders will be three new shares for 10 shares held. The capital being raised from share issuance will be invest in building apartment at 199 Nam Ky Khoi Nghia, Vung Tau City and the 49-hectare project in ward 12, Vung Tau City in the southern province of Ba Ria Vung Tau.

The surplus shares of 233,600 shares after offering to the existing shareholders and the un-sold shares will be allocated to the company's employees at the price of 50,000 dong per share. (DTCK)