TTC Sugar (SBT) is about to issue 30.4 million ESOP shares at the price of 10000 dong /share
Thanh Thanh Cong – Bien Hoa (TTC Sugar) plans to issue over 30.4 million shares to key leaders and staff at the price of 10000 VND /share, lower than the market price and book value of SBT.
White sugar product of TTC Sugar. (Photo: Song Ngoc)
On October 192020 the Board of Directors of Thanh Thanh Cong – Bien Hoa Joint Stock Company (TTC Sugar – Code: SBT) approved a plan to issue shares under the employee’s selection program (ESOP).
Specifically, the number of shares expected to be issued by SBT is nearly 3042 million units, the issue price is equal to par value of 10000 dong /share. The total value of the issue is over 304 billion dong.
TTC Sugar Board of Directors uses the book value as of June 302020 as the basis for determining issue price. Accordingly, equity is 7642 billion dong, total outstanding shares is over 60835 million units, book value is 12562 dong /share.
“Based on the company’s development strategy and capital needs, and at the same time to encourage employees to stick and contribute to the development of the company, the Board of Directors has agreed the issue price is 10000 VND /share” , the resolution of the Board of Directors of TTC Sugar stated clearly.
Subjects to buy the above ESOP shares are members of the Board of Directors, Board of Directors, members of the Executive Board, and key employees of the units of TTC Sugar. Expected issuing time is in the fourth quarter of 2020 after being approved by the State Securities Commission.
Buyers are entitled to transfer 50% of the ESOP shares after 6 months from the date of completion of the issuance. Buyers are entitled to transfer all ESOP shares purchased 12 months from the end of the issue, provided that the employee is still working at TTC Sugar.
Ms. Huynh Bich Ngoc – Chairman of the Board of Directors of TTC Sugar. (Photo: TTC Sugar)
On October 26 TTC Sugar will close the list of shareholders to pay 5% cash dividend, equivalent to 500 dong per share. The total dividend value is about 300 billion dong.
Chairman Huynh Bich Ngoc owns 6755 million SBT shares, equivalent to 11.1% of charter capital. Ms. Ngoc’s daughter, Vice Chairman Dang Huynh Uc My, also holds 9839 million SBT shares, equivalent to 1617% of capital.
Ngoc’s husband, Dang Van Thanh, bought approximately 10 million SBT shares in April this year, or about 164% of capital. Thus, the family of Chairman Huynh Bich Ngoc is expected to receive about 88 billion dong dividend from TTC Sugar this time.
In the fiscal year from July 12019 to June 302020 TTC Sugar recorded consolidated revenue of 12923 billion dong, up 18 percent from the previous year; Profit after tax also increased by 40% to 363 billion dong.
Ending session on October 20 SBT share price stopped at 16300 dong /share. Thus, the issue price of ESOP shares is 20.4% lower than the book value and 38.7% lower than the market price.
Source: vietnambiz.vn – Translated by fintel.vn
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