HCMC – Phu Tai JSC, which trades its shares on the Hochiminh Stock Exchange under stock code PTB, has decided to shelve its share issue for its existing shareholders and the employee stock ownership plan.
The cancellation is aimed at ensuring the interests of shareholders amid stock market uncertainties, the local media reported.
At its annual general meeting in early 2022, the wood processor approved a plan to sell nearly 10.7 million shares at a target price of VND25,000 each to mobilize VND267.3 billion. The firm was set to increase its operating capital by VND100 billion and use VND167 billion to pay debt.
Under its plan, over 9.7 million shares would be sold to its existing shareholders, while some 972,000 shares would be issued under the employee stock ownership plan.
The decision was made as PTB has tumbled since the beginning of the year, making it one of stocks with the sharpest drop on the HCMC bourse. From April 18 to November 10, PTB lost 56.1%, from VND92,060 to VND40,450.
In addition, the firm will gather feedback from its shareholders in late 2022 to buy back shares.
Between January and September, PTB posted VND5.1 trillion in revenue and VND425.4 billion in after-tax profit, up 9.2% and 7.2%, respectively, year-on-year.
At the close today, November 11, PTB plunged to its floor price and reported a matching volume of over 1.1 million shares.
On the southern bourse, the good performance of bank stocks and several largecaps sent the VN-Index up 7.29 points, or 0.77%, from the session earlier, at 954.53, with 213 gainers and 233 losers.
Over 736 million shares valued at VND11 trillion changed hands, up 5.4% in volume and 1.5% in value, against the previous session.
Many bank stocks such as VCB, BID, CTG, ACB, SSB and STB made strong gains at the close.
Consumer goods company MSN shot up to its upper limit, while steelmaker HPG closed up and took the lead by liquidity with over 60 million shares changing hands.
The HNX-Index of the Hanoi exchange continued its downward trend, losing 2.58 points, or 1.34%, from the session earlier, at 189.81.
In the HNX30 basket, four tickers gained, while the rest ended down or at the reference price.