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Vinamilk and GTNFoods to buy 39.2 million shares of Mộc Châu Milk

Vinamilk and GTNFoods to buy 39.2 million shares of Mộc Châu Milk
A cattle farm run by Moc Chau Milk, a sub-unit of GTNFoods JSC. — Photo courtesy of Moc Chau Milk

HÀ NỘI — Two major shareholders have registered to buy shares of Moc Chau Dairy Cattle Breeding Joint Stock Company (MCM).

They are Viet Nam Dairy Products Joint Stock Company (Vinamilk) and GTNFoods Joint Stock Company (GTNFoods), who are about to buy 9.7 million shares, equivalent to 8.85 per cent of MCM’s charter capital, and 29.5 million shares, equivalent to 26.8 per cent to MCM’s charter capital, respectively.

The transactions are expected to take place from January 11 to February 10.

MCM will also issue 3.34 million shares to existing shareholders at the price of VNĐ20,000 (US$0.87) per share and issue shares to its employees under the employee stock ownership plan (ESOP) at the price of VNĐ10,000 per share.

The mobilised capital will be financed to develop projects, MCM said.

In the first nine months of 2020, Moc Chau Milk recorded revenue of VNĐ2.14 trillion and post-tax profit of VNĐ208.7 billion, up 9.6 per cent and 68.9 per cent year-on-year, respectively. Thus, after nine months, the company had completed 132.9 per cent of the annual profit plan.

MCM targets to earn net revenue of VNĐ2.9 trillion in 2020, an increase of 13.5 per cent compared to 2019. After-tax profit was estimated at VNĐ157 billion, down 5.9 per cent year-on-year. the expected cash dividend rate in 2020 is 25 per cent.

As of September 30, 2020, total assets of the enterprise increased by 13 per cent to VNĐ1.2 trillion. Of them, cash and short-term financial investments reached VNĐ696.1 billion, accounting for 57.4 per cent of total assets of the business.

MCM shares closed Wednesday at VNĐ76,800 per share. — VNS

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