Gemadept Corporation (code GMD) was formerly known as United Transport Agency Corporation, established in 1990. The company operates in the field of warehousing and transportation support by waterway.
Recently, Gemadept announced the ESPP stock issuance program for the company's employees. Accordingly, Gemadept will issue 4.6 million shares, equivalent to 1.5% of outstanding shares to employees.
GMD issues 4.6 million shares to employees at a price of only 1/7 of the market price (Photo TL)
The issuance price will be VND10,000/share. Meanwhile, GMD shares on the market are priced at about VND72,000/share at the trading session on December 29, 2023. Thus, the issuance price will only be about 1/7 compared to the market price of GMD shares.
The shares are expected to be issued between December 2023 and the first quarter of 2024. The total number of GMD shares in circulation will increase to 310.5 million shares, equivalent to a charter capital of about VND 3,100 billion after issuance. Since this issuance is only for domestic employees, the foreign investor's shareholding ratio is still guaranteed at 49%.
In 2023, GMD recorded net revenue of VND2,812 billion in the first 9 months of the year, a slight decrease compared to the same period last year. The company's profit increased dramatically, to VND2,107 billion due to recording VND1,844 billion from the transfer of 84.66% of shares at Nam Dinh Vu port.
Compared with the 2023 business target of VND 3,920 billion in revenue and VND 1,136 billion in after-tax profit, after the first 9 months of the year, GMD has completed 72% of the revenue plan, exceeding 85% of the set profit plan.
However, it should be noted that this profit result was achieved thanks to the company recording the profit from selling shares of Nam Dinh Vu port. Without this profit, GMD would have difficulty completing its annual business plan.
Source
Comment (0)