Nam Kim Steel offers nearly 132 million shares, wants to collect 1,580 billion VND
The exercise ratio is 2:1, meaning that shareholders who own 2 shares will receive the right to buy one new share. The offering price is 12,000 VND/share. If successful, the amount raised will be up to 1,580 billion VND.
Nam Kim Steel Joint Stock Company (code NKG, HoSE) has just announced the Board of Directors' resolution on approving the registration dossier for offering additional shares to the public to existing shareholders. Previously, in July 2024, the Board of Directors of the company also approved the details of the plan to offer additional shares to existing shareholders. Accordingly, Nam Kim Steel plans to offer a maximum of 131.6 million shares to existing shareholders.
The exercise ratio is 2:1, meaning that shareholders who own 2 shares will have the right to buy one new share. The offering price is VND 12,000/share. The number of additional shares issued is not subject to transfer restrictions. The expected implementation period is from the third quarter to the fourth quarter of 2024, after approval by the State Securities Commission.
With the above additional issuance quantity and offering price, Nam Kim Steel is expected to raise nearly VND 1,580 billion. The entire amount will be contributed to Nam Kim Phu My Steel Company Limited to invest in the Nam Kim Phu My steel sheet factory project in Ba Ria - Vung Tau province. The above project was granted the first investment registration certificate on February 6, 2024. The factory specializes in manufacturing other metal products, producing steel sheets such as galvanized steel, aluminum-zinc alloy coated steel (cold-rolled steel), painted aluminum-zinc alloy coated steel, painted galvanized steel; producing iron, steel, and cast iron.
The project scale includes a galvanizing line of 350,000 tons/year, two aluminum-zinc alloy plating lines of 300,000 tons/year and 150,000 tons/year, and a color plating line of 150,000 tons/year. The total investment capital of phase 1 (excluding VAT) is 4,500 billion VND. By March 31, 2024, Nam Kim has contributed 500 billion VND to implement the project.
The Board of Directors also approved the procedures for implementing the plans for offering and issuing additional shares approved by the General Meeting of Shareholders. The first plan will be to offer additional shares to the public to existing shareholders to increase charter capital. The second plan is to issue shares to increase equity capital from owners' equity (bonus shares). These two plans are expected to be implemented together in 2024. The third plan is to issue shares under the employee stock option program (ESOP), expected to be implemented in 2024 and/or 2025.
In 2024, Nam Kim Steel plans to reach a total output of 1 million tons. In terms of finance, the company aims to achieve VND 21,000 billion in revenue and VND 420 billion in pre-tax profit, up 13% and 137% respectively compared to last year. In the second quarter of 2024, Nam Kim Steel recorded revenue of VND 5,660.5 billion, up 2.9% over the same period, and recorded after-tax profit of VND 219.63 billion, up 75.2% over the same period last year. Of which, the gross profit margin remained at 9%.
Accumulated in the first half of 2024, Nam Kim Steel recorded revenue of VND 10,951.63 billion, up 10.9% over the same period; pre-tax profit reached VND 460.39 billion; after-tax profit reached VND 369.7 billion, up 385.7% over the same period last year, exceeding the annual plan by 9.6%.
On the stock market, NKG shares are trading at VND21,800/share, down 12% compared to the end of last year.
Source: https://baodautu.vn/thep-nam-kim-chao-ban-gan-132-trieu-co-phieu-muon-thu-ve-1580-ty-dong-d226017.html
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