After the sale of 19.48 million shares of CII E & C in December last year, CII has set the date of listing of this company.
CII E & C will be listed on HoSE on 15th May
At the annual shareholders’ meeting of Ho Chi Minh City Infrastructure Investment Corporation (CII) held on April 28, Le Quoc Binh – General Director of CII, said that if nothing changes , CII E & C will be listed on HoSE on 15th May.
If so, this is the third subsidiary of CII on the floor (CII Bridge & Road, CII Water and CII E & C).
On March 8, HoSE announced that it has received the listing registration of CII E & C. Specifically, CII E & C will list 41.5 million shares (equivalent to chartered capital of VND415 billion).
Previously, at the Extraordinary General Meeting of Shareholders on December 14, 2016, CII said it would sell 19.3 million shares of CII E & C to about 100 investors in order to raise the company’s ownership from 99.95% to 51%.
However, two weeks later, CII announced that it had sold 19.48 million shares of CII E & C to 93 investors, thereby reducing its ownership to 49% – meaning CII E & C became the company. link. With estimated price of 22,000 dong / share, CII is expected to earn nearly 429 billion dong from this deal.
Adjusted profit plan for 2017
In October, 2016, CII announced information on financial plan for 2017 with target of after tax profit of parent company is VND1,061 billion and dividend payout ratio in 2017 is 20%.
However, with the changes in the fourth quarter of 2016 and January 2017, the CII Board of Directors approved the adjustment of the financial plan for 2017 and dividend payment in 2016 for submission to the General Meeting of Shareholders for approval.
Specifically, the planned revenue in 2017 reached VND5,700 billion, double the previous year; Profit after tax of the parent company is VND1,430 billion and dividend payout ratio is 21.5% (including 20% in 2017 and 1.5% in 2016).
In 2016, net revenue of CII reached VND1,210 billion; profit after tax reached VND998 billion. In Q1 / 2017, CII estimated that after-tax profit of parent company’s shareholders was VND 1,100 billion, 4 times higher than same period last year.
Increased issuance of $ 20 million in convertible bonds
At the meeting, the Board of Directors submitted to the shareholders to approve the issuance of additional $20 million convertible bonds. Accordingly, the company will adjust the issuance plan to be able to continue issuing additional $ 20 million convertible bonds, of the total value of convertible bonds issued $60 million was approved by the Congress in October. / 2016 for Korean investors.
CII is expected to issue convertible bonds without collateral to investors from Korea with a total issuance value of up to US $ 60 million, equivalent to VND1,350 billion. The company has signed a $ 40 million convertible bond purchase agreement with KEB Hana Banktrustee and Custodian Business (Rhythm Asset Management).
This is a convertible bond with interest rate of 1% per annum (US $ interest rate), 5 year term, conversion price of 38,500 dong per share (equal to 130% of the closing price of CII shares in the 23rd session). / 11/2016). Release date is expected in the third quarter of 2017 (after July 05, 2017).
In addition, as the bank loan is limited while CII is investing a lot of projects, so this year the company plans to increase the number of shares of ESOP 2016 to 1.5 million shares and 2017 is also 1.5 million shares.
However, according to Le Quoc Binh, ESOP’s shares will be “issued only to talented people” who are senior staff such as the Board of Management and leaders of member units. Remarkably, ESOP will not be issued to the Board of Directors and Supervisory Board.
ESOP 2017 Shares will be subject to one year’s limited vesting period from the issue date, 2018 release date, subject to completion of the 2017 plan.
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