HAPACO to increase charter capital

Monday, April 21, 2008
Shareholders of the HAPACO Joint Stock Company at the annual shareholders’ meeting on April 24, agreed to pay 15% dividend in shares and issue 26 million new shares to mobilise funds for new projects and increase charter capital to VND 500 billion.
HAPACO has been recognised as one of the ten most outstanding enterprises in the northern port city of Haiphong for the sixth consecutive years. The company involves in various business fields ranging from producing papers for exports, kraft paper, toilet paper, paper pulp, garments and textiles, financial and commercial services, industrial zones and petrochemistry.
Last year, HAPACO’s total revenue reached VND 263 billion, up nearly 43% compared to the previous year. The company posted an after-tax profit of over VND 73 billion, up 280% compared to the targeted figure.
Currently, HAPACO is implementing various projects including a 21-storey financial tower, the Nam Dinh Vu Industrial Zone, a petrochemistry plant with a capacity of 3 million tonnes a year and the Haiphong International Maternity Hospital.
Shareholders have also agreed to change the name of the company to HAPACO Corporation with 12 member companies and four joint ventures.