Song Da 10.1 changes plan of chartered capital increase

Song Da Joint Stock Co No 10.1 (coded SNG) announced on November 16 the company's approval for issuing 2.6 million shares in order to increase the chartered capital from 19 billion dong to 45 billion dong, replacing the previous planned increase in chartered capital from 19 billion dong to 30 billion dong.

The company plans to raise its chartered capital to 45 billion dong in two phases. In the first phase, SNG will offer 1.9 million shares for the existing shareholders with the price of 10,000 dong per shares and 95,000 shares to the key members of the company's staff at 15,000 dong per share. In the second phase, the company will offer 605,000 shares for other investors with the price equal to 80 percent of the average price in the previous five consecutive trading session, but no less than 32,000 dong per share.

The company's management board will take responsibility for choosing the share-offering date. It's expected to gain about 39.785 billion dong from this share-issuing period. The company planned to use the money for funding its investment projects as well as supplementing capital in order to re-structure the enterprise's financial system.

In Q4, Song Da 10.1 planned to gain total revenue of 48.2 billion dong and profit of 5 billion dong.