Hoa Phat Group is set to issue over 580 million shares in order to increase its capital to nearly 64,000 billion VND. The final list of shareholders entitled to receive additional shares has been announced by the group. Each shareholder will receive one new share for every ten shares they own, resulting in a 10% issuance rate.
The additional shares will be sourced from a capital surplus of 3,200 billion VND and more undistributed after-tax profits of 2,600 billion VND. This issuance is expected to increase Hoa Phat’s charter capital by nearly 6,000 billion VND, from 58,100 billion VND to close to 64,000 billion VND, equivalent to nearly 6.4 billion HPG shares outstanding.
After this issuance, Hoa Phat will have the second-largest number of outstanding shares on the stock market, only behind VPBank with 7.9 billion shares. The Chairman of Hoa Phat emphasized the group’s commitment to balancing the interests of businesses and shareholders. He mentioned that if business results continue to be positive, the group plans to return to paying cash dividends starting in 2025.
Hoa Phat Group aims to achieve a revenue of 140,000 billion VND and a profit after tax of 10,000 billion VND this year. These figures represent a significant increase compared to the previous year – a 16% and 47% respectively. In the next five years, Hoa Phat’s focus will be on steel production with major investments in projects like the Hoa Phat Dung Quat