Sea & Air Freight International Joint Stock Company announced the issuance of 2 million shares to existing shareholders, executives of the Company, and public. Under the issuance plan, 1,138,500 shares will be offered to existing shareholders under 1:1 rights issue scheme at VND 33,000 per share. Shareholders record will be finalized on November 22, 2007. Another 56,925 new shares will be sold to executives of the Company at VND 33,000 per share. 804,575 new shares, plus remaining shares after the issuance to existing shareholders, will be auctioned to public at Hochiminh Stock Exchange. The starting bid price will be adjusted to average trading prices of 10 consecutive trading days before record date. Total proceeds, estimated at VND 120 billion, will be invested in warehouse buildup, real estate development and capital expenditure.
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Source: reuters
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