GTNfoods wants to take profit of 1 million treasury shares, expected 65% profit after 7 months of buying
Since the time GTNfoods bought 1 million treasury shares at the average price of 14,343 VND / share, up to now, GTN’s market price has increased by more than 65%, currently trading around the price range of 24,250 VND / share.
The Board of Directors of GTNfoods Joint Stock Company (Ticker: GTN) has just issued a resolution to sell 1 million treasury shares so that the company has no redundant shares. Estimated trading time after the State Securities Commission accepts the enterprise’s sale record.
This is the number of treasury shares that GTNfoods bought back in early May with average trading value of 14,343 dong / share. Previously, the company planned to buy back up to 9 million treasury shares, but because the stock price has stabilized and has an uptrend, the company decided to use the remaining capital to focus on core business. .
Since the time GTNfoods bought 1 million treasury shares up to now, the market price of GTN shares has increased by more than 65%, currently trading around the price range of 24,250 VND / share. At this price, GTNfoods is expected to earn more than 24.3 billion after selling all of the above treasury shares.
Thus, it is estimated that the company could make a profit of 10 billion dong thanks to its investment in treasury shares in 7 months.
GTNfoods’ business results in the third quarter continued to grow. Although net sales in the period reached 776 billion, down 7% compared to the same period last year, but net profit 33 billion while the same period last year only 1 billion profit.
According to GTNfoods, this remarkable business result was thanks to the increased profit of Vinamilk’s parent company and the profit of the member company that indirectly owns Moc Chau Milk.
In the first 9 months of the year, net revenue of the business reached VND 2,144 billion, down 6% from the same period last year; GTN shareholders’ EAT is 72 billion dong, while net profit is 7 billion dong in the same period.
Source: vietnambiz.vn – Translated by fintel.vn
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