The Board of Directors of Viet Phat Import Export Trading Investment Joint Stock Company approved the plan for ensuring that the share issue met the regulations on foreign ownership ratio.
According to the Dispatch dated 06/15/2021 by the State Securities Commission, the foreign ownership limit at Viet Phat Import Export Trading Investment Joint Stock Company is zero percent. However, in the first extraordinary general meeting of shareholders of 2021 dated 08/19/2021, the Company was approved to change business functions by removing some business sectors in which foreign investors are not allowed to invest. The Company applied changes and received the 12th amended business license dated 08/24/2021. The Company sent the State Securities Commission the documents on the change of foreign ownership limit to 49%. However, the documents are being reviewed.
Pursuant to the shareholder list determined by the Vietnam Securities Depository, the foreign ownership limit of Viet Phat Import Export Trading Investment Joint Stock Company on 09/21/2021 is 1.23%.
Therefore, the Board of Directors decided to offer shares in the private placement to local investors.