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PVFC issues employee share plan

Released at: 23:09, 01/03/2016

PVFC issues employee share plan

11.4 million shares issued to 1,162 employees on February 26.

by Hong Nhung

The PetroVietnam Fertilizer and Corporation (PVFCCo) implemented an Employee Stock Option Plan (ESOP) on February 26, issuing 11.4 million shares.

The Corporation issued the 11.4 million shares with a nominal value of VND10,000 each to 1,162 employees, under a resolution adopted at its General Meeting of Shareholders in April 2015.

Its total charter capital therefore increases to nearly $175 million, from $169 million.

Profit growth at PVFCCo last year was 34.13 per cent, with the falling gas price making its presence felt. Turnover was $428 million and after-tax profit $67 million, which was distributed to the parent company’s shareholders.

PVFCCo expects its after-tax profit to fall 19.3 per cent this year, equivalent to around $13 million. It has estimated turnover at $408 million with pre-tax and after-tax profit at $65.4 million and $54.8 million, respectively.

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