The Board of Directors of Meinfa JSC (Ticker: MEF) has just announced the decision to approve the plan to issue 194,575 ESOP shares, the issue rate of 5% at the price of 30,000 VND / share.
Notably, at the end of 9/11 session, MEF share price closed at 1,600 dong / share, ie ESOP issue price was 19 times higher than market price.
Issued ESOP shares will be restricted to transfer for 3 years from the date of completion of the issuance. After the issuance, Meinfa’s charter capital is expected to increase from 39.4 billion to nearly 41.4 billion.
This is not the first time Meinfa has surprised investors when the company previously often paid high dividends beyond the market price and also issued ESOP in 2019 at a price of up to 30,000 VND / share, but all were bought. .
Last July, Meinfa paid 2019 cash dividend at the rate of 35% (3,500 VND / share). The company always keeps a cash dividend of 30-40% over the years, even up to 50% in some years.
Meinfa’s main activity is to manufacture and sell mechanical products, medical machinery and equipment and metal products.
Meinfa’s shareholder structure is very concentrated, mainly in the hands of leaders and family members. Therefore, for many years, MEF shares have almost no transactions.
Currently, the company has not announced its semi-annual financial report 2020. In 2019, Meinfa reached 334 billion VND in revenue and nearly 29 billion VND in profit after tax. In 2020, the company sets a revenue target of 501 billion dong, but after-tax profit will be reduced to 25 billion dong.
Source: vietnambiz.vn – Translated by fintel.vn
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