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Saturday, February 4, 2023

Bamboo Capital to pour additional VND500 billion into BCG Energy

The Saigon Times

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HCMC – Bamboo Capital Group JSC, which trades its BCG shares on the Hochiminh Stock Exchange, has passed a plan to inject an extra VND500 billion to its subsidiary BCG Energy.

After the transaction, BCG’s total capital contribution to BCG Energy will reach VND3,203 billion, or 320.3 million shares, a 71.18% stake in the latter.

The additional capital will be used to pay debts and invest in some projects, the local media reported.

Earlier in April, Bamboo Capital poured an additional VND800 billion into BCG Energy to contribute capital to Dong Thanh 1 and 2 Wind Power companies.

Between January and September, BCG posted over VND3.3 trillion in revenue and VND885 billion in after-tax profit, up 73.8% and 26% year-on-year, respectively.

Closing the session today, December 7, BCG maintained its downward spiral and lost over 6%, extending its falling streak for a second straight session.

On the HCMC bourse, the VN-Index slid 7.67 points, or 0.73%, from the session earlier, at 1,041.02, with 360 losers and 101 gainers. Over 921 million shares worth VND14 trillion changed hands, dipping by 38% in volume and 40.5% in value against the previous session.

Real estate developer VIC shot up to its daily upper limit after the firm announced that its subsidiary, VinFast, had applied for an initial public offering in the United States. Its strong gain contributed to saving the main index from a deep fall.

Many stocks in the property, bank and securities groups were in negative territory.

Securities firm VND stood at the reference price, but took the lead by liquidity on bourse with a matching volume of some 39 million shares, followed by steelmaker HPG with 34.6 million shares changing hands.

The poor performance of many largecaps sent the HNX-Index of the Hanoi exchange falling down 2.87 points, or 1.35%, from the previous session, at 209.93.

In the HNX30 basket, construction firm CEO and real estate developer NRC plunged into their floor prices at the end.

Securities firm SHS lost, but became the most actively traded stock on bourse with 25 million shares changing hands.

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