The Vietnam-Italy Steel JSC (VIS) plans to lift the cap of foreign ownership in the company from the current limit of 49 percent. (Source: cafef.vn)Hanoi (VNA) - The Vietnam-Italy Steel JSC (VIS) plans to lift the cap offoreign ownership in the company from the current limit of 49 percent.
The plan aims toattract more capital, improve the liquidity for the firm shares on the stockmarket and serve further business development.
The company’smanagement board will propose shareholders at the coming annual shareholders’meeting approve the company’s request to withdraw from some of the businesssectors involved in national security and safety such as transportation.
In 2017, VIS earned6.1 trillion VND (271 million USD) in net revenue, a yearly increase of 64 percent and equal to 98 percent of its full-year targeted figure.
The companyrecorded 55.3 billion VND in pre-tax profit, a decrease of 26 percent year onyear and equal to 36 percent of the target for 2017.
VIS also plans topay 36.9 billion VND in dividend for shareholders, equal to a 5 percentdividend payout ratio.
The company targetsits revenue will increase by 16 per cent annually to 7.09 trillion VND thisyear and its pre-tax profit will rise 64 percent to 90.4 billion.-VNA
VNA
