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250 million GTN shares to be delisted next month

The Saigon Times

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HCMC – The Hochiminh Stock Exchange has announced it will delist 250 million shares of GTNFoods JSC (GTN), with a total value of VND2.5 trillion, with effect from March 8, as GTN will merge with Vietnam Livestock Corporation JSC (Vilico/VLC).

VLC is set to issue over 156 million shares to exchange the entire GTN outstanding shares at the ratio of 1.6:1. The deadline to register for the exchange will be March 9.

After merging with GTN, VLC will boost production in the livestock and meat processing sector in Vietnam through its investment in a cow farm with a daily beef output of 2,000 head and a total investment of less than VND1,7 trillion, according to Dau tu Chung khoan newspaper.

Prior to the merging deal, GTN last year gained over VND2.9 trillion in net sales and over VND210 billion in after-tax profit, up 4% and down 13% year-on-year, respectively.

In the local stock market, GTN closed the session today, February 17, up 1.07% to VND18,900 with 492,700 shares changing hands.

In related news, the benchmark VN-Index of the HCMC market inched up 1.06% today, or gained 15.89 points compared to the previous session to 1,507.99, with 278 winners and 151 losers. Turnover on the southern bourse contracted 12% in volume and 3% in value at nearly 615 million shares and at over VND19.4 trillion. Shares transacted in put-through deals contributed around VND1.1 trillion to the total value.

Two large caps, gas firm GAS and consumer goods producer MSN, were the top contributors of the main index’s gain. GAS expanded 3.7% to VND118,700. MSN soared 3.1% to VND163,000. They were also the best performers in the VN30 basket.

On the northern bourse, the HNX-Index added 1.11 points, or 0.26% over the session earlier at 430,24, with 126 advancers and 93 decliners.

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