Vinacomin raises coal stake
The Vietnam National Coal and Minerals Group (Vinacomin) registered to buy more than 4.47 million shares of its subsidiary Nui Beo Coal JSC (HNX: NBC) on March 1.
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The share purchase will be carried out between March 1 and March 30 via order-matching transactions.
Vinacomin now holds more than 19.5 million shares of Nui Beo Coal JSC, equal to a 52.9% stake in the mining firm.
The deal may help increase Vinacomin’s stake in the local mining business to 65%.
Vinacomin had previously failed to buy that amount of NBC shares between December 29, 2017 and January 26, 2018 due to unfavourable market trading condition.
In late January, Nui Beo Coal JSC reported it earned VND415 billion (US$18.4 million) in revenue and VND57.6 billion in net profit for the fourth quarter of 2017, up 25% and 203% year on year.
The fourth-quarter earnings figures helped the company raise its full-year revenue to VND1.49 trillion and pre-tax profit to VND99.3 billion, up 22.6% and 101.67% year on year.
