Idico wants to offer a 2: 1 ratio at price of 15,000 VND / share, and switch to Holdings model

Idico Corporation (HNX: IDC) has just announced the 2021 Annual General Meeting of Shareholders. The company aims to increase total revenue by 3% to VND 5,661 billion and pre-tax profit to increase 34% to nearly VND 990 billion.

For the parent company, pre-tax profit target is expected to increase 60% to 558 billion. Expected dividend rate for this year is 10%. No dividend for 2020.

Currently, Idico has 771.5 hectares of industrial land, of which 367.8 hectares have been invested in technical infrastructure which are eligible for lease. In addition, the corporation is researching to invest in industrial park projects in Thai Binh and Hai Phong provinces with a scale of more than 1,000 hectares, as well as promoting research and investment in some industrial zones in the western provinces. Southern.

Idico wants to offer a 2: 1 ratio at price of 15,000 VND / share, and switch to Holdings model

Idico also wants to convert the operating model from the group of companies to the Holdings model, in order to be transparent and help investors appreciate the value and potential of the corporation. In which the parent company will directly manage the industrial real estate segment and manage capital in other holding companies.

The Corporation said that this model will help professional management, separate direct business activities and investment activities, deep cooperation in each segment, flexibly mobilize capital or list each level of the company when necessary.

Idico wants to offer a 2: 1 ratio at price of 15,000 VND / share, and switch to Holdings model

Idico carried out equitization in 2017 with 2 holding strategic shareholders, SSG Group and Bitexco Group, both holding 65 million shares, the rate of 22.5% of charter capital. By the end of 2020, the Ministry of Construction also divested 36% of the shares to 9 investors, under which Idico became a private company.

The holdings model is also being built by many large private enterprises, such as Electrical Refrigeration (REE), Gelex (GEX) or Hoa Phat Group (HPG).

Offering 150 million shares at the price of 15,000 VND / share

At the upcoming meeting, the Board of Directors will submit a plan to issue shares to increase charter capital from VND 3,000 billion to VND 4,500 billion. Issuing rate is 50% (shareholders owning 2 shares are entitled to buy 1 new share), corresponding to the total volume of 150 million shares issued.

Issuing price is expected to be 15,000 VND / share, corresponding to the capital need to mobilize 2,250 billion VND. The current book value is 11,203 VND / share, while the share market price is 40,800 VND / share.

Currently, Idico is exploiting and operating a system of industrial parks, including two new industrial zones, Huu Thanh with more than 524 hectares in Long An and Cau Nghin, nearly 184 hectares in Thai Binh. The total capital need for the two projects above only in the period of 2021-2022 is up to VND 3,045 billion.

Therefore, the corporation plans to use the entire mobilized capital of 2,250 billion VND to invest in the two projects above, including spending 1,441 billion VND in Huu Thanh Industrial Park and 809 billion VND for Cau Nghin Industrial Park.

Source: ndh.vn – Translated by fintel.vn

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