Saigon Technology and Telecommunications Corporation (Saigontel, Stock Code: SGT, HoSE: SGT) has announced its decision to halt the sale of treasury shares. The decision was made by the company’s Board of Directors, as outlined in Resolution No. 06/2025/QD-HDQT dated May 14, 2025.
Based on the current situation and to ensure alignment with the company’s capital structure plans, Saigontel agreed to temporarily suspend the sale of treasury shares. The sale of treasury shares will be reconsidered at a more appropriate time, ensuring compliance with regulations and the company’s plans.
Previously, Saigontel had approved the sale of 310 treasury shares to supplement its business capital, with the transaction expected to take place in the second quarter of 2025. The offering price was to be determined by the market price at the time of the transaction, not below VND 10,000 per share, in compliance with the listing and trading regulations of the Vietnam Stock Exchange.
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On April 25, 2025, Saigontel successfully held its 2025 Annual General Meeting of Shareholders (AGM). During the meeting, the company’s shareholders approved the 2025 business plan, targeting a revenue of VND 3,000 billion and a pre-tax profit of VND 400 billion, representing a 62% and 82% increase, respectively, compared to the previous year’s results.
Additionally, the AGM resolved to cancel the private placement plan approved at the 2024 AGM due to unfavorable market conditions in 2024. The company is considering more effective capital-raising alternatives that align with the current situation.
On a positive note, Saigontel approved a plan to offer more than 148 million shares to existing shareholders to increase its charter capital. The offering price is set at VND 10,000 per share, and the expected proceeds of over VND 1,480 billion will be utilized to repay debts, enhance the company’s financial autonomy, and invest in business expansion and project enterprises.
The offering is planned to take place in 2025 or at a later date, as determined by the Board of Directors after obtaining the certificate of approval for public offering from the State Securities Commission.
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