FLC plans 70 pct capital hike through rights issue

By Dat Nguyen   March 25, 2021 | 12:30 am PT
FLC plans 70 pct capital hike through rights issue
A resort of FLC in Quy Nhon, Binh Dinh Province, central Vietnam. Photo Shutterstock/TommyTeo.
Property developer FLC plans to increase its charter capital by 70 percent to VND12 trillion ($519 million) through a rights issue of shares to existing shareholders.

The company will seek shareholders’ approval to issue nearly 500 million shares to them at a ratio of seven shares for every 10 they own at a price to be decided.

Most of the money raised will be used for funding eight property projects proposed to be developed including resorts, apartments and a golf course.

FLC shares closed at VND9,790 ($0.42) on Wednesday on the Ho Chi Minh Stock Exchange, 50 percent up since Mar. 1.

FLC targets a 35 percent increase in post-tax profits this year to VND416 billion.

It fell 56 percent to VND308 billion last year.

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