Song Da subsidiary to offer 3m shares

Friday, May 9, 2008
Song Da Development and Investment Joint Stock Co (SIC)'s shareholders' meeting recently passed the plan to offer three million shares to hike its chartered capital from the current of 50 billion dong to 80 billion dong and invest in some big projects in this year through two phases.

In the first phase, the company plans to offer one million shares to the existing shareholders at the ratio of one new share for five shares held and the price of 10,000 dong per share. In the second one, SIC would auction two million shares to the public with the initial price according to the average price of 15 trading sessions earlier.

This year, the company plans to continue its investment in some big projects including Song Da Tower project worth 45.8 billion dong, 36.4 billion dong Krong K'mar hydropower project, Hiep Binh Chanh residential area project valued at 800 million dong, four billion dong invested in Song Da Ban Me Joint Stock Co, eight billion dong in Dac Nong Trade and Mineral Joint Stock Co, 100 billion dong in Song Da Riverside Hiep Binh Phuoc-Thu Duc-HCM City project, 20 billion dong in Nhon Trach-Dong Nai urban zone project and 50 billion dong in Song Da IDC-Ha Tay project.

Last year, the company made a revenue of 92.94 billion dong and 15.155 billion dong from after tax profit.

This year, SIC set a target of 85.6 billion dong in revenue, decreasing nearly 7.9% against 2007, 10.1 billion dong from pre tax profit, falling 33.35% from 2007 and a dividend of