Tanimex to issue six million shares this year
By Quoc Hung – The Saigon Times Daily
HCMC – Bourse-listed Tan Binh Import – Export Joint Stock Corp., shortly known as Tanimex, will issue six million shares this year to mobilize funds for its property projects in the city.
The issue has been approved by the firm’s shareholders at a meeting in HCMC.
The firm will offer 4.5 million shares to existing shareholders and strategic partners at a price not lower than 70% of the market level at the time of offering and not lower than VND40,000 per share.
Tanimex is expected to mobilize at least VND200 billion from the six million shares. The company said the money mobilized would be pumped into a major property project in HCMC as well as invest in its Tan Binh industrial park in the city.
The industrial park developer will spend from VND1.2 to 1.5 trillion to develop an apartment project in Tan Binh II industrial park. The project covering 63,400 square meters will have 1,800 to 2,000 units and is expected to be completed within six years upon the beginning of construction.
The company also has plans to spend VND412 billion developing a general warehouse and workshops in the park. The facility will cover more than 70,000 square meters for lease, according to the company.
Last month, the company also started work on the two apartment buildings in the city’s Tan Phu District, offering more choices for mid- and low-income homebuyers in the years to come.
The Tanibuiding apartment towers project with 673 apartments requires some VND470 billion and is scheduled for completion in the second quarter next year.
Last year, the company obtained over VND598.2 billion in sales revenue, and earned more than VND51.2 billion in after-tax profit. Tanimex will pay the 2009 dividend of 24% for shareholders.
The company is expected to earn VND649 billion in revenue, and VND69 billion in after-tax profit this year and will pay the 2010 dividend of at least 25%.
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