Monday , July 22 2024

Hoa Sen Group to distribute ESOP Shares at 60% discount

The steel and trading company Hoa Sen intends to issue five million shares at a price of VNĐ10,000 per share.

A worker loading Hoa Sen’s products on a vessel for export. — Photo courtesy of the company

HÀ NỘI — Hoa Sen Group said that it plans to release five million shares through an Employee Stock Ownership Plan (ESOP), accounting for 0.81 per cent of the total circulating shares. 

These shares will be offered at a price of VNĐ10,000 per share (US$0.39).

The issuance of ESOP shares is scheduled to commence in July and will continue until the completion of the offering. 

Once the issuance is complete, the ESOP shares will be subject to a transfer restriction for a period of one year.

Hoa Sen’s shares are trading at VNĐ25,250 per share on Thursday morning. 

As a result, it is estimated that the issuance price of the ESOP shares will be more than 60 per cent lower than the current market trading price.

In the second quarter of the financial year 2023-2024 (from January 1, 2024, to March 31, 2024), Hoa Sen witnessed impressive financial results. 

The company’s revenues reached over VNĐ9.2 trillion, showing a substantial growth of 32.5 per cent year-on-year. Profit after tax recorded an increase of 27.3 per cent over last year’s to VNĐ318.9 billion.

For the cumulative six-month period of the financial year 2023-2024, its revenue amounted to VNĐ18.3 trillion, up 23 per cent over year.

The company’s profit after tax was VNĐ422.2 billion during the period, marking a significant turnaround from the loss of VNĐ424.2 billion incurred in the same period last year. 

At the end of May, Hoa Sen, a steel manufacturing and trading company, announced changes in senior leaders. 

It appointed Nguyễn Trần Đại to the position of Deputy CEO for Business Affairs at Hoa Sen Home, while also assuming the role of Deputy CEO for the Hoa Sen Home systems, overseeing the operations in the northern region. 

Previously, on April 12, the company announced the removal of Trần Quốc Trí from the position of CEO and legal representative. Consequently, Trí is no longer in charge of the Hoa Sen Group branch, Hoa Sen Phú Mỹ Steel – Sheet Plant.

Following his dismissal, Trí will retain the title of non-executive member of the Board of Directors.

Effective from April 12, Hoa Sen elected Vũ Văn Thanh to the position of CEO and legal representative. —  VNS

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