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Companies cancelling plans to buy treasury stocks   2008-09-10 - VNE

A lot of companies have not fulfilled plans to buy treasury stocks that they registered before with state securities trading centres, reasoning that they need to focus their strength on investment projects.

 

 
Khanh Hoi Import-Export Company (KHA) registered to purchase 423,260 treasury stocks. However, the company has not fulfilled the purchase, though August 22 was set as the deadline.

 

Explaining this, the company said that stock prices have been increasing as the market has been recovering; therefore, the company is limiting purchases in order to ensure the benefits of shareholders.

 

Tan Binh Cultural Products (ALT) purchased 120,010 shares in the period between June 2 and August 21, of the total 200,000 shares it registered to buy.

 

The Southern Plantation Varieties Company has asked for permission to extend the deadline for purchasing 100,000 treasury stocks to September 30 instead of August 31.

 

A lot of companies have not purchased the volumes they registered to buy. Ben Tre Seafood Import Export Company (ABT) purchased 580,740 shares of 800,000 shares registered, while Sieu Thanh Company (ST8) 61,000 of 300,000 and Vien Lien (UNI) 234,580 of 300,000.

 

Nguyen Anh Tuan, an investor on Bao Viet trading floor, is not satisfied with the news. He said that the broken plans to purchase stocks have made investors confused about the real demand on the market, thus badly affecting investors’ decisions.

 

Dinh The Hien, MA, Dean of Finance and Banking Faculty under the Gia Dinh Information Technology University, said that it is understandable why companies do not want to buy treasury shares at this moment. Companies are now lacking capital to run their production and business, while injecting money in stocks would bury the capital for at least six months.

 

Hien said that in many cases, companies reason that they need to focus on making investments in projects to explain the breaking of their plans. However, he said that companies should think carefully before deciding to purchase treasury stocks.

 



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