AsemconnectVietnam - Southern Basic Chemicals Joint Stock Company (code CSV) has just announced an explanation for its shares increasing to the ceiling for 5 consecutive trading sessions. Immediately, the board of directors also informed about the business situation in the first 6 months of the year.

From the trading session on July 3 to the trading session on July 9, CSV continuously increased to the ceiling, bringing the stock from 29,400 VND/share to 38,500 VND/share, equivalent to an increase of 31% within 5 sessions.
In the written explanation, CSV said that stock trading prices are directly affected and influenced by the general situation of the stock market and investor psychology. The fact that CSV shares increased to the ceiling for 5 consecutive sessions is an issue beyond the company's control.
Currently, the Board of Directors and Board of General Directors of CSV are still trying to complete the 2024 production and business plan set out by the 2024 Annual General Meeting of Shareholders. In the first half of 2024, CSV management estimates consolidated revenue to reach VND831.75 billion, completing more than half of the yearly plan, and consolidated pre-tax profit to reach VND158.9 billion, and completing 61%.
Based on the estimated production and business results for the first 6 months of 2024 as above, CSV has a basis to assess that the Company is still producing and doing business normally, although facing many difficulties as well as advantages, but currently does not see any major sudden changes affecting the company's production and business situation. Therefore, trading in the Company's shares is entirely decided by market factors.
Recently, CSV announced the results of the share issuance to increase share capital from capital from the owner. Accordingly, CSV successfully issued nearly 66.3 million shares to shareholders at a rate of 150%, increasing its charter capital from VND663 billion to VND1,105 billion.
At the 2024 Annual General Meeting of Shareholders, CSV's board of directors informed that the Company has a large project, Nhon Trach, with a total investment of VND2,000 billion. Doing the project requires borrowing money and a large amount of counterpart capital of 30%, equivalent to about VND600 billion or more. The more equity capital, the better, so the increased capital will use all capital for relocation.
N.Nga
Source: VITIC/Tinnhanhchungkhoan