HCMC – Local steelmaker Hoa Phat Group (HPG) will refrain from new investment activity to channel all resources into the Hoa Phat Dung Quat 2 project, whose value topped VND75 trillion.
The information was announced by Tran Dinh Long, HPG’s board chairman, during a general meeting of shareholders organized yesterday, March 30.
The project is slated for completion in early 2025 and expected to help the steelmaker generate extra income of VND80 trillion to VND100 trillion.
“We have the ability to compete domestically and globally with bigger players. HPG would focus on manufacturing high-quality steel products and leave the construction steel market to other firms,” Long said.
As the project demands a huge amount of money, the firm would not pay dividends in cash during this period, he added.
Last year, the firm posted over VND142.7 trillion in revenue and VND8.4 trillion in profit after tax. It looks to obtain VND150 trillion in revenue and VND8 trillion in profit this year.
Steel stock HPG closed the trading session today, March 31, at the reference price of VND20,800 and reported a matching volume of more than 27.7 million shares.
The Hochiminh Stock Exchange ended the final session of the week in bullish mood as the VN-Index extended its winning streak to the ninth straight day with a gain of 5.2 points, up 0.49% from Thursday. With 198 winners and 184 losers, the main index now stands at 1,064.64 points.
Trade volume totaled 639.9 million shares valued at around VND11.8 trillion, barely increasing in volume but a 7.12% rise in value over the previous session. There were nearly 65.7 million shares worth over VND1.3 trillion traded in block deals, including 50.2 million SHB shares priced at VND570.4 billion.
Securities stock SSI took the lead by liquidity with nearly 32 million shares changing hands, followed by VND with 29 million shares.
With 82 stocks rising and 75 others dipping, the HNX-Index of the Hanoi Stock Exchange added 1.55 points, or 0.75% from the session earlier, at 207.5.
The northern bourse recorded over 78.3 million shares valued at VND1 trillion changing hands, with securities stock SHS taking the lead with a matching volume of 26.6 million shares.