Vinacomin raises coal stake
The Vietnam National Coal and Minerals Group (Vinacomin) registered to buy more than 4.47 million shares of its subsidiary Nui Beo Coal JSC (HNX: NBC) on March 1.
The Vietnam National Coal and Minerals Group (Vinacomin) on March 1 registered to buy more than 4.47 million shares of its subsidiary Nui Beo Coal JSC (HNX: NBC). (Photo: cafef.vn)Hanoi (VNA) - The Vietnam National Coal and Minerals Group (Vinacomin) registered to buy more than 4.47 million shares of its subsidiary Nui Beo Coal JSC (HNX: NBC) on March 1.
The share purchase will be carried out between March 1 and March 30 via order-matching transactions.
Vinacomin now holds more than 19.5 million shares of Nui Beo Coal JSC, equal to a 52.9 percent stake in the mining firm.
The deal may help increase Vinacomin’s stake in the local mining business to 65 percent.
Vinacomin had previously failed to buy that amount of NBC shares between December 29, 2017 and January 26, 2018 due to unfavourable market trading condition.
In late January, Nui Beo Coal JSC reported it earned 415 billion VND (18.4 million USD) in revenue and 57.6 billion VND in net profit for the fourth quarter of 2017, up 25 percent and 203 percent year on year.
The fourth-quarter earnings figures helped the company raise its full-year revenue to 1.49 trillion VND and pre-tax profit to 99.3 billion VND, up 22.6 percent and 101.67 percent year on year. - VNA
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