Bamboo Capital JSC (securities code BCG ) as announced documents of the annual shareholder meeting in 2016.
Ownership rate of foreign investors up to 100%
At this Meeting, the Board of Directors will submit to the shareholders to adopt maximizing the percentage of ownership for foreign investors up to 100% and approve foreign shareholder of dominating 50% of charter capital without making a public bid procedure.
According to the Executive Board of the company, increase in percentage of ownership by foreign investors is a good opportunity for BCG share to increasing liquidity. At the same time the Board also submits to the shareholders to adopt authorization to the Board to decide on issues such as reducing the business lines restricted foreign ownership rate to facilitate increase in foreign investment rate to 100%.
Adjusting share offering price to increase charter capital
The Board submits to the shareholders to adopt adjusting share offering price to existing shareholders and employees who have been previously approved by the shareholders. Specifically, according to previously expected, Bamboo Capital will issue 61.05 million shares offered to existing shareholders for price of VND12,000/share, and issue 3 million ESOP shares offered to employees for price of VND 12,000/share .
However, after recalculating average price of the latest 10 sessions from March 18th to March 31st, the Board decided to apply for reducing adjustment of offering price to VND 10,000/share – lower than the book value on December 31st and higher than the market price.
Recently, BCG share has declined in several continuous sessions and at the end of the last transaction session in March at VND 6,900/share and has shown signs of a slight increase in few sessions in early April.
Besides, the Board submits to the shareholders to adopt authorization to the Board to actively mobilize capital, maximum of VND 2,000 billion from financial, credit institutions… by issuing secured bond, convertible bond… to investors at home and abroad.
Business Plan in 2016
In 2015, the company completed in excess of the revenue and profit targets assigned by the shareholders, especially in excess of 28% of yearly profit target. However, the Board of the company submits to the shareholders not to allocate bonuses to the Board of Directors and Managing Board to concentrate capital on investment activities.
For the plan in 2016, the Board of Directors of the company set the revenue target of VND 1,830 billion, increasing 87 percent compared to the revenue sales made in 2015; profit after tax is estimated to reach VND 75.75 billion, an increase of 26%.
Thai Phuong
According to Tri Thuc Tre/BCG