An Phat Bioplastics Joint Stock company (Ticker Symbol: AAA) has announced the auction result at the Ho Chi Minh City Stock Exchange (HOSE). The company raised more than VND 670 billion (~$28,5 million) from auction of more than 55,8 million shares.
According to auction result, AAA successfully auctioned 56% of previously offered shares, with an average price of VND 12,000 per share.
Before the auction, 35 investors registered to auction AAA shares, in which, 33 individual investors and 2 organizations registered with a total number of 55,840 million shares. Specifically, An Phat Holdings – AAA’s parent company has registered to buy an additional 40,8 million shares to raise its ownership ratio at AAA.
The entire amount raised from more than 55,8 million shares will be used for business development, restructuring debt, and production expansion.
Earlier, at the Annual General Shareholder’s Meeting 2022 which took place on June 20, AAA approved the target revenue of VND 14.100 billion (~$ 600 million) and profit after tax of VND 527 billion (~$22,4 million), up 63% compared to the performance of 2021. The business plan for 2022 comes from 3 main motivations. Firstly, being a part of AAA’s industrial park real estate business, An Phat 1 Industrial Park is coming into operation. Secondly, AAA will enhance the contribution of industrial packaging and compostable packaging – business segments with high-profit margins. Thirdly, the Company will reduce transportation costs and COVID-19 disease prevention expenses in the context of the new normal.
AAA successfully carried out an auction of more than 55,8 million shares at the Ho Chi Minh City Stock Exchange (HOSE)
Recently, AAA also announced the drastic changes in the structure of the Board of Directors. According to AAA, the personnel changes will be a springboard for the strategic transformation of the business, bringing AAA into a new stage of development, focusing on high-profit margin product lines and eco-friendly products.
In particular, Mr. Nguyen Le Thang Long who currently holds the position of Deputy CEO of An Phat Holdings JSC (Ticker symbol: APH) cum General Director of PBAT An Phat JSC, specializes in the field of compostable materials has been elected as the new Chairman of the Board of Directors at An Phat Bioplastics.
With many years of experience in the field of bioplastics, Mr. Nguyen Le Thang Long is expected to strongly develop the compostable product segment at An Phat Bioplastics, simultaneously realize the goal of changing its position in the world market, from a manufacturer to top 10 suppliers of bioplastic materials in the world.
