Hoa Phat plans to expand horizons

HA NOI (22-12-2007)— Hoa Phat Group will issue additional shares and raise charter capital from VND1.3 trillion (US$82.5 million) to VND1.9 trillion ($123.8 million), as a part of a plan to expand the scope of its business operations, announced Tran Dinh Long, chairman of Hoa Phat’s management board.

Newly raised capital would help fund major projects, including a cement plant with a capacity of three million tonnes and an iron mining project, as well as finance an expansion into the real estate development market.

"Diversifying our business will generate enormous profits for our group and for our shareholders," Long predicted.

Hoa Phat Group also anticipated paying a 10-per-cent dividend this year. In the first 11 months of the year, the group earned profits of VND565 billion (US$35.3 million), 70 per cent of their target for the year. Profits of VND600 billion ($37.5 million) on the year, would give the an earning-per-share ratio of VND4,800. — VNS

Vietnam News