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SCI to set up energy subsidiary

The Saigon Times

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HCMC – SCI Joint Stock Company, which trades its S99 shares on the Hanoi Stock Exchange, plans to establish a subsidiary with total charter capital of VND1.2 trillion to get involved in energy development projects.

This new subsidiary’s capital base will exceed that of its parent company, whose charter capital is VND940 billion. The firm’s board of directors approved the decision on June 19, with the new subsidiary named SCI Energy JSC.

The new subsidiary will be headquartered at the Golden Palace building in Nam Tu Liem District, Hanoi. SCI will own 99.992% of the subsidiary, with the establishment procedures expected to be completed this month.

Nguyen Cong Hung, chairman of SCI Joint Stock Company, will control SCI’s stake in SCI Energy JSC. This venture will be the fifth subsidiary of SCI.

The firm also decided to pay a 5% share dividend for 2023, meaning shareholders will get five new shares for every 100 shares held. With nearly 94 million outstanding shares, the company plans to issue around 4.7 million shares for the dividend payment.

Additionally, it plans to issue over 2.8 million shares at VND10,000 per share under its employee stock ownership plan (ESOP) and offer over 50.7 million shares to the public.

The shares issued via the ESOP will not be transferable for one year. The proceeds from the share sales will be used to invest in two wind power projects in Quang Tri Province, with a total capacity of 56 megawatts.

If all plans are successful, the company’s charter capital will rise to VND1,523 billion, or 152.3 million shares.

Closing the trading session today, June 24, its S99 shares dropped by 2.61% to VND11,200 each, with a trading volume of 424,900 shares.

Vietnam’s southern stock market took a nosedive on Monday, with decliners outnumbering advancers by 378 to 74. The VN-Index shed 27.9 points, or 2.18%, to 1,254.12 points, due to strong selling pressure on large-cap stocks.

However, trading volume surged by 50% and value by 48.2% over the previous session, with 834.75 million shares worth nearly VND21.5 trillion changing hands. Block deals accounted for 149 million shares valued at around VND3.6 trillion.

The VN30 basket saw a broad sell-off, with only SAB maintaining its reference price and POW showing a 2.04% gain. The VN30-Index dropped by over 30 points, falling below the 1,290-point mark.

Bank stocks drove the market down as many of them lost. VPB edged down by 3.83% to VND18,850 per share and saw the highest trading volume of 45.3 million shares. SHB lost 2.16% to VND11,300 per share, with 37.1 million shares changing hands.

The Hanoi Stock Exchange saw 65 stocks advancing and 139 others declining. The HNX-Index dipped by 4.63 points, or 1.89%, to 239.74 points. Total trading volume on the northern exchange reached 109.85 million shares valued at VND2.3 trillion.

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