IDICO Petroleum Construction plans to increase capital by more than 84 billion VND
- 139
- Enterprise
- 23:39 13/03/2023
DNHN - IDICO Petroleum Construction Investment Joint Stock Company will issue shares to advance the 2022 dividend, which, if successful, will add $84 billion to IDICO's charter capital.
According to the most recent announcement by IDICO Oil and Gas Construction Investment Joint Stock Company (ICN/UPCoM), the company will issue shares to existing shareholders in 2022 to advance dividends.
The issuance rate is 70%, so shareholders who own 100 shares on the date the entitlement list closes will receive 70 new shares. Thus, the total number of additional shares issued to pay dividends was close to 8.4 million. The issuance capital is derived from IDICO Petroleum's undistributed 2022 after-tax profit as of December 31, 2022. If the issuance is successful, IDICO Petroleum's charter capital will increase by 84 billion VND, from nearly 120 billion VND to 204 billion VND.
On March 2, 2023, IDICO Petroleum closed the shareholder list for the 45% cash distribution of the third dividend of 2022. The due date is March 24, 2023.
IDICO Oil and Gas previously had two dividend payments in 2022 at a rate of 105%. (10,500 VND). Therefore, the total rate of payment for three dividend advances is 150%. IDICO Oil and Gas's total dividend rate in 2022 reaches 220% when the upcoming stock issuance to pay the 2022 dividend is included.
The 2022 Annual General Meeting of Shareholders is anticipated to approve IDICO Petroleum's payment of a dividend at a rate of 45%, equivalent to 2021. The Board of Directors of IDICO Petroleum unanimously approved an increase in the dividend payout ratio from 45% to 250% on November 4, 2022. The company also revised its business plan for 2022, increasing total revenue to VND 635 billion and profit after tax to nearly VND 332.5 billion, an increase of 87 percent and nearly six times the previous plan, respectively.
IDICO Corporation - JSC (IDC/HNX) is the parent company of IDICO Petroleum, holding more than 5,1,000,000 shares, or 51% of the capital, as of the date of this article. The other two major shareholders are Hayat Co., Ltd., and Vietnam Construction Investment Development Joint Stock Company, with respective stakes of 22.77% and 16%.
P.V (t/h)
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