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Tuesday, August 16, 2022

IDICO wants to increase stake in subsidiary

The Saigon Times

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HCMC – IDICO Corporation, which trades its IDC shares on the Hanoi Stock Exchange, is set to raise its ownership in its subsidiary, IDICO Urban and House Development JSC (UIC), to 66.93%.

IDC has registered to buy nearly 1.3 million UIC shares from July 12 to August 10, the local media reported.

As of March 31, IDC held a 51% stake in its subsidiary, whose chartered capital is VND80 billion. In 2021, UIC’s electricity sales accounted for 98.2% of its total net revenue.

On April 19, IDICO picked Nguyen Thi Nhu Mai as chairperson, replacing Le Ba Tho.

The IDC board of directors in the 2018-2023 tenure includes Dang Chinh Trung as general director, Nguyen Cao Nguyen, Nguyen Thi Nhu Mai, Ton That Anh Tuan and Nguyen Duy.

Closing the session today, July 7, UIC gained 1.5%, while IDC continued its downtrend to fall 0.6%.

Upbeat investor sentiment and strong gains of large-cap stocks drove the VN-Index of the HCMC bourse up 16.87 points, or 1.47%, from the session earlier, at 1,166.48 at the close, with 248 advancers and 183 decliners.

Some 412 million shares worth VND9 trillion changed hands, down 32% in volume and 34% in value against the previous session.

On the Hanoi exchange, the HNX-Index moved sideways, losing a fractional 0.02% compared with the previous day at 271.86 points at the end.

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