Becamex IDC is offering 300 million shares at a starting price of VND69,600/share, expected to raise more than VND20,880 billion. The money will be used to invest in industrial parks, increase capital for affiliated companies and restructure finances.
The historic auction of 300 million shares is about to take place, BCM sets the starting price at 69,600 VND/share
Becamex IDC is offering 300 million shares at a starting price of VND69,600/share, expected to raise more than VND20,880 billion. The money will be used to invest in industrial parks, increase capital for affiliated companies and restructure finances.
On February 5, the Investment and Industrial Development Corporation (Becamex IDC - stock code BCM) announced the starting price for the public offering of 300 million BCM shares through a public auction at HoSE. SSI is the advisory unit for the issuance.
The starting price is determined according to the following criteria: Not lower than book value (end of 2024 is 14,003 VND/share); Not lower than the average closing price of the last 30 sessions (69,593 VND/ share ); Not lower than 50,000 VND/ share .
Becamex IDC Board of Directors decided on the starting price of 69,600 VND/ share , the total value of mobilized capital at the starting price is 20,880 billion VND. This price is equivalent to the current market price of BCM shares.
The scale of this auction, based on the starting price, is the largest in the history of stock auctions on the Vietnamese stock market, far surpassing the famous auction of VCB at the end of 2007, successfully mobilizing more than 10,500 billion VND.
According to the capital usage plan, BCM will allocate approximately: 6,300 billion VND to invest in the project, including 2,800 billion VND for Cay Truong Industrial Park, 3,500 billion VND for Bau Bang Industrial Park expansion;
Allocate VND3,634 billion to increase capital for associated companies, including Vietnam - Singapore Industrial Park Joint Venture Company Limited (VSIP), Becamex Binh Phuoc Infrastructure Development JSC, Becamex - VSIP Energy Investment and Development JSC (BVP), Vietnam - Singapore Smart Energy Solutions JSC (VSSES) and Becamex Binh Dinh JSC.
And financial restructuring, including bond and loan payments with a total value of VND5,060 billion.
The use of capital will be carried out according to the principle of prioritizing project investment, then increasing capital for existing companies and finally financial restructuring.
As of the end of the session on February 7, Becamex's foreign room was 31.77% empty, equivalent to more than 330 million shares. Thus, foreign investors can completely participate in the auction of Becamex shares.
According to the Prospectus, as of November 5, 2024, Becamex's shareholder structure is quite concentrated with the largest shareholder being the People's Committee of Binh Duong province holding 95.44%. Last May, the Prime Minister issued Decision No. 426 approving the reduction of state capital at Becamex from 95.44% to 65% by the end of 2025. This is the basis for state shareholders to sell capital and reduce ownership in this enterprise.
In 2024, Becamex recorded more than VND 5,195 billion in net revenue, down 20% over the same period in 2023. Profit after tax reached VND 2,310 billion, slightly up compared to last year.
As of December 31, 2024, the Company's total outstanding debt amounted to VND 38,298 billion - an increase of more than VND 4,000 billion compared to the beginning of the year. Of which, outstanding loans accounted for nearly VND 23,700 billion (more than USD 1 billion).
Source: https://baodautu.vn/sap-dien-ra-phien-dau-gia-lich-su-300-trieu-co-phieu-bcm-chot-gia-khoi-diem-69600-dongco-phieu-d244847.html
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