Advertisement
ex. Game, Music, Video, Photography

Steelmaker Hoa Sen to buy back 22 million shares

Major steelmaker Hoa Sen plans to buy back 22 million shares, equivalent to 5 percent of its equity, and held them as treasury shares.

Ngày đăng: 24 tháng 3, 2021
Cập nhật: 5 tháng 10, 2021
Lượt xem: 86552489
Nguồn: vnexpress

Advertisement
Major steelmaker Hoa Sen plans to buy back 22 million shares, equivalent to 5 percent of its equity, and held them as treasury shares.

Major steelmaker Hoa Sen plans to buy back 22 million shares, equivalent to 5 percent of its equity, and held them as treasury shares.

The company’s management decided to conduct the buyback after a series of stock markets crashes sent the HSG stock stumbling even as its production and business remained stable, it said in a filing with the Ho Chi Minh Stock Exchange (HoSE).

Stock repurchases are often made by firms who feel their stocks are undervalued on the open market, when they want to reduce dilution from incentive compensation plans for employees, or to protect the company against a takeover threat.

HSG ticker lost over 6 percent in the last three consecutive sessions.It was trading at 26,850 VND ($1.16) on Monday, but dropped to 21,850 dong on Thursday, ie 18 years old.6% off in just three days.

Hoa Sen said they planned to use funds from their share premium account to pay for the buyback at market price via both order matching and put-through options on the HoSE.Based on HSG's price of VND22,000 at 11.30 a.NS.On Friday, the total acquisition value is expected to be about VND 480 billion.

Speaking at the steelmaker’s annual general meeting last week, chairman and founder Le Phuoc Vu had assured investors that they should not be too worried when stocks fall, as it can be a good buying opportunity.

Positive and stable business performance had resulted in HSG rising from VND7,000 from the start of 2019 to VND26,000 by year-end.With revenue growth forecast in the coming years and restructuring debt close to zero, HSG's real value will be even higher, he said.

According to HSG’s consolidated statements, the steelmaker recorded net revenues of VND27.53 trillion in the most recent fiscal year, from July 1, 2019 to September 30, 2020, a decrease of 1.1% annually.

But post-tax profits for the period jumped over 219 percent year-on-year to VND1.15 trillion, which Hoa Sen says is largely due to significant savings from being able to maximize the capacity of logistics assets and engage in leaner production, eliminating inventory costs.

It targets revenues of VND33 trillion ($1.43 billion) this year and profit after tax is 1 dong.Vu said: 5 trillion, 20% and 30% higher than 2020.

At the annual general meeting, Vu also said that Hoa Sen will shift its focus away from steel production towards the distribution of building materials and interior decoration items via a supermarket systeNS.

He also announced that he would leave the company to become a monk in 2026, selling all holdings in Hoa Sen to "those committed to developing the company."In the meantime, he will work closely with the company, training the executives and ultimately identifying a successor.


Từ vựng liên quan

Advertisement

Tin tức liên quan

 Steelmaker Hoa Phat eyes residential real estate diversification
business 24/04/2021

Steelmaker Hoa Phat eyes residential real estate diversification

companies | 193752477

Leading steelmaker Hoa Phat Group is considering expanding its business activities into residential real estate to pursue further growth.

Advertisement
 Snags reported in new HoSE system
business 11/07/2021

Snags reported in new HoSE system

economy | 224032469

The Ho Chi Minh Stock Exchange’s (HoSE) new system is “smooth and fast” but investors in several brokerages still have trouble placing orders.

 Stay home, limit Tet travel, Hanoi tells residents
news 24/03/2021

Stay home, limit Tet travel, Hanoi tells residents

news | 87812483

Hanoi residents have been asked to stay home and limit travel during the upcoming Lunar New Year holiday as a Covid-19 precaution.

Advertisement
 State to auction entire stake in leading cooking oil firm
business 24/03/2021

State to auction entire stake in leading cooking oil firm

companies | 82432492

The State Capital Investment Corporation (SCIC) plans to auction its entire stake in cooking oil maker Vocarimex, which it values at $43 million.

 Smuggled sugar a bitter blow for domestic mills in Vietnam
business 18/03/2021

Smuggled sugar a bitter blow for domestic mills in Vietnam

business | 11592494

Factories in Vietnam unable to compete against sugar smuggled from Thailand in large quantities, industry insiders say.

Advertisement
 State-owned banks lag behind in lending growth
business 24/03/2021

State-owned banks lag behind in lending growth

industries | 79322491

State-owned lenders have been achieving slower credit growth than the industry average for the last five years while private banks are on the fast lane.

Smoggy Saigon raises health concerns
news 12/09/2021

Smoggy Saigon raises health concerns

news | 300582453

Residents have been advised to wear face masks to avoid respiratory diseases.

Advertisement
Advertisement
Advertisement
Advertisement

Tin được xem nhiều nhất

 Vietnam among hardest hit by cryptomining attacks: security bulletin
news 22/03/2021

Vietnam among hardest hit by cryptomining attacks: security bulletin

news | 38152947

Vietnam is among nations hardest hit by cryptomining attacks this year, says Moscow-based multinational cybersecurity firm Kaspersky Lab.

Advertisement
 Vietnam lifts rice export ban
business 17/03/2021

Vietnam lifts rice export ban

economy | 324893

Vietnam has lifted its ban on rice exports with immediate effect, allowing 400,000 tonnes to be shipped this month.

 Online ethnic minority comedies no laughing matter
life 18/03/2021

Online ethnic minority comedies no laughing matter

trend | 95924860

Many Vietnamese YouTube channels have produced comedy videos portraying ethnic minority life through distorted facts and smutty jokes, causing community backlash.

Advertisement
 Hanoi relives historic, liberating moment
news 17/03/2021

Hanoi relives historic, liberating moment

news | 80624843

An exhibition in Hanoi goes back 64 years, when the French troops officially withdrew from Vietnam.

 Coteccons begins new chapter, hopefully, after resolving feud with shareholders
business 17/03/2021

Coteccons begins new chapter, hopefully, after resolving feud with shareholders

companies | 90324817

Coteccons will replace two board members with nominees of two major shareholders with whom the management has had a running battle since 2017.

Advertisement
 A winsome foursome presents a ‘Happy Vietnam’
news 17/03/2021

A winsome foursome presents a ‘Happy Vietnam’

news | 1224816

Viet, Nam, Hanh and Phuc whose first names combine to mean "Happy Vietnam" are healthy quadruplets growing in the southern province of Dong Thap.

 Lo Lo Chai: where time stands still
travel 20/03/2021

Lo Lo Chai: where time stands still

travel | 16762637

Lo Lo Chai is a village in the northern province of Ha Giang that has no modern construction.

Advertisement
 Four teen boys probed for gang rape of drunk girl
news 21/03/2021

Four teen boys probed for gang rape of drunk girl

news | 35372635

Four teenage boys in northern Vinh Phuc Province are being investigated for allegedly raping a 15-year-old girl.

 Five Vietnamese men caught for smuggling Chinese
news 18/03/2021

Five Vietnamese men caught for smuggling Chinese

news | 96724693

Three men in southern Tay Ninh Province and two in northern Lao Cai Province have been arrested for helping Chinese nationals illegally enter Vietnam.

Advertisement
 Golden rice season in northern Vietnam village Nam Hong
travel 17/03/2021

Golden rice season in northern Vietnam village Nam Hong

places | 524688

When fall begins towards the end of September and start of October, Nam Hong Village in Ha Giang Province radiates the amber hue of autumn.

Advertisement

Link Tài Trợ - Sponsored Links

Công Thức Vật Lý
Advertisement
Loading…