The Kinh Do food and beverage corporation, listed at the HCM StockExchange as KDC, plans to issue 20 million global depositary receipts(GDR) this year.
Its shareholder annual meeting onApril 23 approved the new issue via private placement and authorisedexecutive board to choose the suitable time and method to gain the bestbenefit.
CEO Tran Le Nguyen said, with consultancy from Sacombank Securities (SBS), Deutsche Bank was chosen as the underwriter.
He will apply for private placement to the State Securities Commission and expect to collect the money by July.
A depositary receipt is a negotiable certificate that represents acompany's publicly traded debt or equity, which facilitates tradingoutside the country where the company operates.
Thesale is hoped to help KDC increase its chartered capital by 200 billionVND (9.5 million USD) to almost 1.4 trillion VND (66.7 million USD),plus a larger amount of surplus.
The receipt willthen be listed at the London Stock Exchange, following the step of HoangAnh Gia Lai (HAG), who pioneered the GDR issuance and last month itsGDR were listed on the LSE board as the first by a Vietnamese firm.
KDC will try to pay this year's dividends at 24 percent, just as 2010, despite the challenging general economic situation.
Shareholders approved that KDC should focus on its core business and reduce financial investment.
It targets a food and beverage turnover (not calculating the propertybusiness in the turnover as this operation may not bring in fruitfulresult this year) at 4.2 trillion VND (200 million USD) this year, upfrom last year's 3.3 trillion VND.
Gross profit is expected to reach 500 billion VND from 2010's 420 billion VND./.
Its shareholder annual meeting onApril 23 approved the new issue via private placement and authorisedexecutive board to choose the suitable time and method to gain the bestbenefit.
CEO Tran Le Nguyen said, with consultancy from Sacombank Securities (SBS), Deutsche Bank was chosen as the underwriter.
He will apply for private placement to the State Securities Commission and expect to collect the money by July.
A depositary receipt is a negotiable certificate that represents acompany's publicly traded debt or equity, which facilitates tradingoutside the country where the company operates.
Thesale is hoped to help KDC increase its chartered capital by 200 billionVND (9.5 million USD) to almost 1.4 trillion VND (66.7 million USD),plus a larger amount of surplus.
The receipt willthen be listed at the London Stock Exchange, following the step of HoangAnh Gia Lai (HAG), who pioneered the GDR issuance and last month itsGDR were listed on the LSE board as the first by a Vietnamese firm.
KDC will try to pay this year's dividends at 24 percent, just as 2010, despite the challenging general economic situation.
Shareholders approved that KDC should focus on its core business and reduce financial investment.
It targets a food and beverage turnover (not calculating the propertybusiness in the turnover as this operation may not bring in fruitfulresult this year) at 4.2 trillion VND (200 million USD) this year, upfrom last year's 3.3 trillion VND.
Gross profit is expected to reach 500 billion VND from 2010's 420 billion VND./.
