Vietnam-Italy Steel JSC to up foreign ownership

15:20 | 08/03/2018 Companies

The Vietnam-Italy Steel JSC (VIS) plans to lift the cap of foreign ownership in the company from the current limit of 49 percent.

The VIS plans to lift the cap of foreign ownership in the company from the current limit of 49 percent - Source: cafef.vn

The plan aims to attract more capital, improve the liquidity for the firm shares on the stock market and serve further business development.

The company’s management board will propose shareholders at the coming annual shareholders’ meeting approve the company’s request to withdraw from some of the business sectors involved in national security and safety such as transportation.

In 2017, VIS earned 6.1 trillion VND (US$271 million) in net revenue, a yearly increase of 64 percent and equal to 98 percent of its full-year targeted figure.

The company recorded 55.3 billion VND in pre-tax profit, a decrease of 26 percent year on year and equal to 36 percent of the target for 2017.

VIS also plans to pay 36.9 billion VND in dividend for shareholders, equal to a 5 percent dividend payout ratio.

The company targets its revenue will increase by 16 percent annually to 7.09 trillion VND this year and its pre-tax profit will rise 64 percent to 90.4 billion.

Theo VNA