TNG to scale up chartered capital to 100b dong

Friday, May 2, 2008
TNG Trade Joint Stock Co (coded TNG) announced that it would raise its chartered capital to 100 billion dong via offering 4.75 million more shares.

Particularly, 2.715 million shares will be offered to the existing shareholders, 271,500 shares will be sold to the company's employees and 1,583,500 shares will be allocated to the other investors.

The capital being raised from the share offering is to support business capital and invest in some projects like TNG Cong River plant project in the second phase, TNG Phu Binh plant's branch project, Tan Dong Pho Yen industrial zone project and Viet Thai trade centre project.

In 2007, TNG earned 343 billion dong in revenue, exceeding 4.9% against the year's plan and up 86.4% from 2006, 17.1 billion dong in profit, a year-on-year increase of 191% and planed to pay dividend of 16%.

This year, the company targets to bring the figures to 733 billion dong in revenue, increasing 114% yoy, 28 billion dong from pre tax profit and 27 billion dong from after tax profit, up 58% from 2007.