Nhat Viet Securities Joint Stock Company (code VFS) has recently announced its Board of Directors’ Resolution approving the plan for issuing an additional 120 million shares to existing shareholders. The offering price is 10,000 VND/share, aiming to raise 1.2 trillion VND if the plan is fully implemented. The charter capital of VFS is expected to increase from 1.2 trillion VND to 2.4 trillion VND.
The implementation timeframe is set to be in 2024, after receiving approval from the State Securities Commission. In case the shares are not fully sold, the remaining shares will be allocated to other parties at the same price of 10,000 VND/share.
VFS has also approved a plan to utilize the raised capital of 1.2 trillion VND. Specifically, the company will allocate 600 billion VND to supplement its proprietary trading activities and the remaining 600 billion VND for additional reserve lending activities. The disbursement will take place in 2024, after receiving the notification of the results of the offering from the State Securities Commission.
The Board of Directors will decide on the allocation of the raised capital based on the actual amount received from the offering, with a 50% proportion for each purpose.
VFS currently has three major shareholders, including Deputy Chairman of the Board of Directors Tran Anh Thang with 13.01% ownership, EVN Finance (EVF) with 10% ownership, and Amber Capital Holdings with 7.33% ownership.
About the business performance, in 2023, VFS recorded a 29% increase in operating revenue to reach 200 billion VND. As a result, the company achieved a net profit after tax of nearly 86 billion VND, representing a 36% growth compared to the previous year.
In the market, VFS’s stock price closed at 20,200 VND/share on March 8th. VFS officially transferred from the Unlisted Public Company Market (UPCoM) to the Hanoi Stock Exchange (HNX) on July 24th, 2023.
One day after the listing, VFS successfully sold 39.75 million common shares to increase its charter capital to the current level of 1.2 trillion VND.
