Saigon 3 Capital Investment Company Limited has recently registered an offer to buy more than 1.7 million shares of Bong Bach Tuyet Corporation to increase its ownership to 51% in the charter capital.
Specifically, Saigon 3 Capital Investment Company Limited registered to publicly purchase more than 1.7 million shares of Bong Bach Tuyet Corporation, equivalent to 17.48% of the total number of outstanding shares of Bong Bach Tuyet Corporation. Currently, Saigon 3 Capital Investment Company Limited is the major shareholder holding 33.52% in the charter capital of Bong Bach Tuyet Corporation. In case the transaction is successful, this company will increase its equity ownership in Bong Bach Tuyet Corporation to 51%.
In case the total number of shares registered for sale is less than the total number of shares offered to purchase, Saigon 3 Capital Investment Company Limited will commit to buy all of the shares registered for sale. In case the total number of shares registered for sale exceeds the total number of shares offered for purchase, the number of shares to be purchased will be calculated on the ratio corresponding to the number of shares registered for sale by each shareholder of Bong Bach Tuyet Corporation at the same price.
The price offered for purchase in this phase is VND 19,100/ share, 3% lower than the transaction price of BBT stock on UPCOM (BBT closed at VND 19,700/ share on September 18). To buy all the registered shares, Saigon 3 Capital Investment Company Limited will spend about VND 32.5 billion. In the past week, BBT stock has had 5 ceiling-hitting sessions with extraordinary trading volume.
According to the resolution of the Annual General Meeting of Shareholders in 2020, Bong Bach Tuyet Corporation aims to achieve production output of 927 tons, increasing by 28% compared to the figure in 2019 and increasing the consumption volume by 22%, reaching 726 tons. The Corporation also planed to achieve more than VND 140 billion in revenue, which means an increase of 20% compared to the figure in the previous year, but its pre-tax profit and post-tax profit were VND 19 billion and VND 15 billion respectively, a decrease by 13% compared to the previous result. In addition, Bong Bach Tuyet Corporation also planned to offer 2.8 million shares to Saigon 3 Capital Investment Company Limited and 1.2 million shares to Gia Dinh Textile & Garment Corporation at the expected price of VND 10,000/share. The proceeds collected from the private offers are expected to be VND 40 billion and will be used to supplement the working capital, etc.
