International Dairy Products JSC (MCK: IDP) has just announced detailed plans for issuing shares under the employee stock ownership plan (ESOP).
Specifically, the company will issue 1.179 billion shares, equivalent to 1.9% of the total outstanding shares.
International Dairy Products plans to issue 1.179 billion ESOP shares. Source: IDP
The issue price is 10,000 dong per share, significantly lower than the market price of 250,000 dong per share on the stock exchange. The total value of the issuance at face value is nearly 11.8 billion dong.
According to the issuance plan, employees on the list eligible to purchase ESOP shares will pay the money within the period from March 1-11. These ESOP shares are restricted from transfer within one year from the end of the issuance.
It is known that the purpose of this issuance is to recognize and reward the contributions of employees to the company’s development, as well as to encourage key employees to remain loyal to the company, and to make efforts and strive to achieve the set targets. In addition, increase the charter capital to supplement owner’s equity to serve business needs.
Regarding International Dairy Products, the company owns the Kun, Ba Vi and LIF (love in farm) box milk brands, with 3 milk processing plants in Chuong My district (Hanoi), Ba Vi (Hanoi) and Northwest Industrial Zone, Cu Chi district, Ho Chi Minh City. In addition, the Company is currently constructing a milk processing plant in the expanded Bau Bang Industrial Zone, Long Tan commune, Dau Tieng district, Binh Duong province.
According to the 2023 management report, by the end of the year, Mr. To Hai (born in 1973) – Chairman of the Board of Directors and his wife, Mrs. Truong Nguyen Thien Kim – a member of the Board of Directors, do not hold any IDP shares. However, Vietcap Securities Joint Stock Company – an enterprise chaired by Mr. Hai, owns more than 8.8 million IDP shares, equivalent to 14.41% of the capital in International Dairy Products.
In early February 2024, the company passed the Resolution of the Board of Directors on the dismissal of the title of General Director for Ms. Dang Pham Minh Loan, and appointed Mr. Bui Hoang Sang to hold this position for a term of 3 years.
In another development, IDP was recently mentioned in the list of units that delayed payment of social insurance, health insurance, unemployment insurance, occupational accident and occupational disease insurance from 1 month onwards in Hanoi in January 2024 (data as of January 31, 2024 according to Decree 12-TS dated February 5, 2024) by Hanoi Social Insurance Agency.
Specifically, International Dairy Products delayed payment for 1 month with an overdue amount of nearly 3.9 billion dong.
