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PVMachino (PVM) divested from Nippon Seiki for over VND149 billion 

 Sunday, April 9,2023

AsemconnectVietnam - PetroVietnam Machinery - Technology Joint Stock Company (PVMachino, code PVM) has just announced the divestment of Vietnam Nippon Seiki Co., Ltd. with a transfer price of more than VND149.4 billion.

The content of the notice said that PVM will divest from Vietnam Nippon Seiki Co., Ltd (VNS). The capital transferred is 10% of the charter capital of VNS, equivalent to more than VND11.2 billion at the time of signing the VNS Charter.
The transfer price is 10% of VNS's net asset value as of December 31, 2022 multiplied by 105%, equivalent to VND149.4 billion. The transferee is Nippon Seiki Co., Ltd.
The transfer time is within 90 days from the date of signing the capital transfer contract.
The unit that advises on transferring PVM's capital contribution in VNS is EY Vietnam Consulting Joint Stock Company with the fee PVM has to pay of VND48.1 million.
PVM owns 10% of capital in FCC Vietnam Co., Ltd., 10% in Vietnam Nippon Seiki Co., Ltd. and 8.45% in Hitachi Astemo Hanoi Co., Ltd. (with a total book value of only VND 98 billion). The partners in the joint venture are all leading Japanese enterprises in the machinery manufacturing and supporting industries such as Showa, Nippon Seiki, FCC, Asia Honda Motor and Itochu Coporation.
These joint ventures specialize in manufacturing auto parts, motorcycles, specialized vehicles and other machines, participating in the global supply chain with major customers BMW, Honda, Harley Davidson...
The activities of the three joint venture companies mentioned above are very effective, bringing PVM annual financial income from regular cash dividends of about 70-100 billion dong.
At the Extraordinary General Meeting of Shareholders on December 21, 2022, sharing with the Securities Investment Newspaper, Mr. Pham Van Hiep, General Director of PVM, said that the pandemic has caused poor performance of joint ventures/associates, making the dividend paid the lowest in many years, but still reaching more than VND50 billion.
PVM's share price has increased by 30.17% in the past 1 month, although the market has not been positive.
PVM will hold the 2023 Annual General Meeting of Shareholders on April 20, 2023. According to the AGM documents, the Company set a revenue target of VND1,500 billion, an increase of 34.3% compared to the implementation in 2022. Profit after tax of VND61.2 billion, an increase of 48% compared to 2022.
One of the newest activities of PVM is the development of a plant system to thoroughly treat domestic waste. Accordingly, in September 2022, PVM established Machino Thanh Dat Joint Stock Company, which is operating two factories in Thai Binh and Bac Giang and is studying and deploying factories in Ninh Binh, Nam Dinh, Soc Trang... In 2022, Machino achieved sales of VND1.75 billion, profit of VND130 million.
N.Nga
Source: VITIC/Tinnhanhchungkhoan
 

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