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Saturday, February 4, 2023

KSB to issue over 38 million shares

The Saigon Times

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HCMC – Binh Duong Mineral and Construction Joint Stock Company (KSB) will issue over 38 million KSB shares to its existing shareholders at VND16,000 each, and expects to gain over VND610 billion from the share issue.

The company has passed the share placement plan, and the shares will be issued this year or in the first quarter of next year, after the plan is approved by the State Securities Commission.

Under the plan, the company would tap VND450 billion out of VND610 billion raised from the share placement to invest in KSB Investment Ltd., Co. The balance will be added to KSB’s working capital.

On November 11, Finland’s EVLI Emerging Frontier Fund became a large shareholder of KSB after the former purchased one million KSB shares, or a 5.24% stake in the Vietnamese company.

In the year to September, KSB had seen its revenue rising 8% and its after-tax profit falling over 20% year-on-year at nearly VND702 billion and some VND140 billion, respectively.

Closing the trading session today, November 28, KSB expanded 6.74% to hit its upper limit of VND15,050.

The benchmark VN-Index of the Hochiminh Stock Exchange advanced 34.23 points, or 3.52% against the previous session to close at 1,005.69, with advancers far outnumbering decliners by 416 to 55.

Close to 973 million shares worth more than VND15.9 trillion were traded on the HCMC exchange, soaring over 56% in volume and 64% in value over the session earlier. Shares transacted in block deals accounted for some VND1.9 trillion of the total.

Among bluechips on the HCMC market, gas firm GAS, brokerage SSI, retailer VRE and two housing developers KDH, VHM closed at their ceiling prices. Other good performers comprised mobile phone retailer MWG, State-own rubber group GVR, and electricity firm POW.

Many bank stocks made strong gains, with MBB, VCB and CTG picking up over 4%.

On the Hanoi exchange, the HNX-Index added 7.29 points, or 3.71%, compared to last Friday to close at its intraday high of 204.06, with 172 winners and 31 losers.

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