mai hien

Gemadept to pay 80% dividend

Monday, 05 March 2018 02:41

Gemadept Corporation – a logistics firm - plans to make an 80% dividend payout rate, equal to VND8,000 (US$35 cents) per share, if its plan gets approved by the HCM Stock Exchange on February 26.

Gemadept Corp general director Do Van Minh told local media that the dividend payout rate included a 15% rate that was approved by the company shareholders at its general meeting in 2017.

The remaining part of the dividend payout rate is 65%, which was generated from Gemadept’s selling of its stake in its two subsidiaries – Gemadept Shipping Holding Co LTd and Gemadept Logistics Holding Co Ltd – to the Korean business CJ Logistics, Minh said.

The Gemadept Corporation had previously offloaded half of its ownership in those two sub-units to CJ Logistics Hong Kong, holding 51% in the former company and 49.1% in the latter one.

The two sub-units were re-named to CJ-Gemadept Shipping Holdings Co Ltd and CJ-Gemadept Logistics Holdings Co Ltd.

The Gemadept Corporation is listed on the HCM Stock Exchange with code GMD, having increased by total 10.3% since February 8 to close February 23 at VND42,800 per share.