Vietnam cement firm plans share offer to raise capital

Vietnam cement firm plans share offer to raise capital
Published: 02 July 2009

Bim Son Cement Joint Stock Company (BCC) has passed a plan to offer unsold shares from 2008 to raise its registered capital by 15.1% to VND1.1 trillion ($64.9m) from its current VND956bn, the firm said on its Website.

The company will base share prices on the condition of the local stock market so that shares are offered at a reasonable price, which will not be less than VND12,244 each, it said in a statement.

The proceeds will be used to invest in a new cement production line for the company.

BCC expects to produce 3 million tons of cement this year, making a pretax profit of VND162.86 billion on revenues of VND2.4 trillion, down 24.13% and up 23.7% on-year, respectively.