Vicostone Joint Stock Company (VCS) plans to buy back 3.2 million shares, equivalent to 2 per cent of its chartered capital to serve short-term and long-term restructuring plans. The transaction is expected to be executed via order-matching or negotiation.
Vicostone’s shares, traded on the Ha Noi Stock Exchange under the code VCS, were traded at around VND70,700 (US$3.02) per share on Tuesday. At this price, Vicostone will spend about VND236 billion to buy these shares.
VCS shares have fallen sharply by 35 per cent since the beginning of the year, from VND113,400 per share to around VND70,000 per share at present.
On September 9, 2014, Vicostone bought back nearly 10.6 million shares. Almost two years later, on May 26, 2016, the company completed the allocation of all these treasury shares to existing shareholders.
At present, Vicostone does not own any treasury shares.
Vicostone, located in Bac Phu Cat Industrial Zone in Ha Noi’s Thach That district, has an annual growth rate of over 50 per cent and currently exports to more than 30 countries, including the US, Italy, China and South Africa.