Hai Van Cement to issue shares to finance acquisition, Vietnam

Hai Van Cement to issue shares to finance acquisition, Vietnam

Hai Van Cement JSC is to issue 21.46m shares in a move acquire Ang Son II Co the from Thang Loi Group Co.

The volume will be sold to existing shareholders at VND10,000/shares at a 116-at-100 ratio, company said in a statement sent to the bourse. The proceeds, estimated at VND214.6bn (US$10.12m).

Net profit jumps

Hai Van Cement recently reported that it posted a net profit of VND10bn in the second quarter of 2013, up 279 per cent from a year ago. Revenues reached VND223.5bn in the three-month period, compared to VND195.3bn a year earlier. The company attributed its higher profit to lower selling expenses as well as reduced general and administration expenses, during the period.

In 1H13, the Ho Chi Minh City Stock Exchange-listed firm made a net profit of VND188m on revenue of VND359.8bn, compared to VND6.9bn and VND345.7bn a year ago, respectively.