Hai Phat Investment Joint Stock Company (code HPX-HOSE) announces the Board of Directors’ resolution on temporarily suspending the increase in charter capital by offering shares to existing shareholders.
Accordingly, the HPX Board of Directors has approved the temporary suspension of the increase in charter capital by offering additional shares to the public for existing shareholders according to the issuance plan approved by the 2024 Annual General Meeting of Shareholders and the implementation plan deployed by the Board of Directors under the authorization of the General Meeting of Shareholders.
The reason for the suspension, as stated by Hai Phat Invest, is to protect the interests of shareholders due to unfavorable market conditions and to ensure the feasibility of the public offering of shares to existing shareholders.
The Board of Directors will report the temporary suspension of the public offering of additional shares to existing shareholders to the shareholders at the nearest General Meeting of Shareholders.
According to the initial plan, HPX has 304.17 million circulating shares, and the company intended to offer an additional 152.08 million shares to raise over VND 1,500 billion with a ratio of 2:1 (2 shares are entitled to buy 1 more share) at a price of VND 10,000/share, to be implemented in 2024.
Of the proceeds, Hai Phat Invest plans to use VND 1,410.5 billion to repay principal and interest on bonds (bond codes HPX122018, HPXH2123008, HPXH2124009, and HPXH2125007) and the remaining VND 110.3 billion to repay principal and interest on loans at the Hanoi Branch of Baoviet Commercial Joint Stock Bank.
According to the reviewed semi-annual financial statements for 2024, HPX recorded a consolidated profit after tax of VND 47.2 billion, down 17.46% over the same period (VND 57.162 billion); parent company’s profit after tax decreased by 13.32% from VND 52.922 billion to VND 45.871 billion. This decrease was due to the company’s delay in handing over products to buyers, resulting in lower revenue and profit on separate and consolidated financial statements compared to the previous year.
As of June 30, the company had over VND 321 billion in undistributed profit after tax and owner’s equity of over VND 3,622 billion.
In the market, HPX share price closed at VND 5,150/share on September 20, 2024.
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