VIETNAM CHAMBER OF COMMERCE AND INDUSTRY
Liên Đoàn Thương Mại Và Công Nghiệp Việt Nam
Sat, May 15, 2021, 12:23:00
Nam Kim Steel Jsc plans to sell all 10 million treasury shares it holds, representing 5.81 percent of its capital, after their price quadrupled in less than a year.
The deal will be concluded 30 days after the State Securities Commission of Vietnam gives it the green light, the Binh Duong Province-based steelmaker said in a statement.
It had bought its NKG shares in June last year at an average price of VND7,600 ($0.33) per share, and the ticker closed Friday at VND30,550.
The deal could fetch the company a profit of VND230 billion, which it plans to use to fund operations.
The company saw profits rise by nearly eight fold year-on-year in the first quarter to nearly VND319 billion amid surging steel prices.
Nam Kim Steel, established in 2002, exports to 50 markets including Australia, Europe and the U.S.
