VN AGM dealbook: ASM, LienVietPostBank, PDR

Visual from PDR's website

A number of join stock companies in Vietnam organised their annual general shareholder meeting (AGM) during the past week, approving critical plans of raising charter capital and additional funding for existing projects.

Sao Mai Group increases capital in two successive years

 

Sao Mai Group (ASM) has planned to issue nearly 223 million shares, increasing its charter capital to VND3.3 trillion ($153.5 million), following the same move in 2014 which saw the capital rise some 120 per cent to VND1.07 trillion ($49.77 million).

The proceeds, expectedly VND2.23 trillion ($103.7 million), will be reinvested in urban area, hospital and infrastructure projects. The plan also includes a convertible bond program worth VND1 trillion.

The company has set a target of 51 per cent profit growth to VND134 billion ($6.23 million) this year. Also operating in the seafood sector, ASM scaled down its revenue from seafood processing by half to $14 million and planned to focus resources of the parent company in real estate. Meanwhile, by upping ownership in the International Development and Investment Corp from 23 to 51 per cent and supporting it in building a processing plant, ASM will move the seafood business to the subsidiary. The reason was stated by the company’s board of directors that the profitability of fisheries business has been much lower than that of real estate.

In 2014, ASM earned a revenue of VND1.2 trillion ($55.8 million) and a profit after tax of VND89 billion ($4.14 million), which was 3.5 times higher than in 2013 and exceeded the initial target by 70 per cent.

LienVietPostBank increases capital, invests in macadamia

 

LienVietPostBank will increase its charter capital from VND6.46 trillion ($300.46 million) to VND9 trillion ($418.6 million) this year, from which its total asset will reach VND135 trillion ($6.3 billion). Gross profit for the year is expected to be VND936 billion ($43.5 million), jumping 75 per cent over last year.

The bank also revealed that in order to effectively use the capital excess, it will offer huge loans for developing the macadamia tree and shrimp farming. Particularly, within the next 5-7 years, the bank will lend VND20-22 trillion ($930.23 million-$1.02 billion) for macadamia tree planting and some VND10 trillion ($465.12 million) for shrimp farming.

Macadamia tree is said to be Vietnam’s new leading agrcultural product with an even higher economic value than coffee and cashew. LienVietPost Bank has also developed a plan to switch industrial plants in the central highlands of Vietnam, transforming the region into a place of macadamia products to export to foreign markets such as the US, Japan, Germany, China, India and the Middle East.

Phat Dat increase capital to more than VND2 trillion

 

Phat Dat Real Estate Development (PDR) will issue 65.1 million shares to raise the registered capital from the current VND1.3 trillion ($60.46 million) to some VND2 trillion ($93 million). The increased money will be used to restructure its debts, particularly reducing the debts to Dong A Bank and partially repay to its bondholders.

After reducing those debts, the company will continue to make borrowings with lower interest rates to fund its realty projects. PDR unveiled that the total investment value for its projects this year will mount to VND2.56 trillion ($119 million).

The Ho Chi Minh City-based firm hopes to achieve VND964 billion ($44.8 million) in revenue and VND234 billion ($10.9 million) in net profit, while last year the revenue and profit figures were VND415 billion ($19.3 million) and VND42 billion ($1.95 million), respectively.

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.