HCMC – Saigon VRG Investment Corporation, whose SIP shares are traded on the Unlisted Public Company Market (UPCoM), has announced a stock buyback plan aimed at reducing its charter capital.
The share buyback is slated to last from from October 20 to November 18.
With the price of SIP closed at VND111,300 today, October 12, the company would spend over VND220 billion on the buyback.
From August 25 to October 11, SIP declined 26.7% from VND141,900 to VND104,000. However, it inched up 3.82% today.
In the first half of this year, Saigon VRG saw its revenue up 3% year-on-year at over VND3 trillion and after-tax profit down 9% against the same period last year at VND501 billion.
The HCMC-based firm targets VND5.2 trillion in revenue and VND835 billion in before-tax profit this year.
On August 11 this year, the company registered to list over 92.9 million shares on the Hochiminh Stock Exchange.
Saigon VRG was established in 2007, mainly operating in the construction and industrial park development fields.
On the HCMC exchange, the benchmark VN-Index bounced back today, adding 28.61 points, or 2.84%, over the session earlier at 1,034.81, with 386 advancers and 96 decliners.
Trade on the bourse contracted 9.5% in volume and 11.6% in value compared to yesterday at 608 million shares and more than VND11.3 trillion. Shares traded in block deals contributed around VND1.7 trillion to the overall value.
The HNX-Index of the Hanoi exchange also closed in positive territory. It gained 4.65 points, or 2.13%, day-on-day at 223.43, with 128 winners and 63 decliners. The northern stock market saw 54 million shares worth VND882 billion transacted, shedding 31% in volume and 25% in value versus the previous session.