Viet Phat Import-Export Trading Investment Joint Stock Company (HOSE: VPG) has just issued a Resolution of the Board of Directors (BOD) on joining a Thermal Coal contract.
Accordingly, the BOD of VPG has approved a Thermal Coal sale contract between Danka Mineral Joint Stock Company, Viet Phat Import-Export Trading Investment Joint Stock Company, Suek AG and Management Board of Song Hau Petroleum Power Project.
The contract value is more than VND 11,965 trillion. This amount is accordingly nearly 28 times larger than the Charter Capital (VND 431 billion) of Viet Phat. Compared with the VPG’s Equity of VND 913 billion, the contract value mentioned above is 13 times larger.
In this contract, Viet Phat will have to have a plan to buy Thermal Coal with a provisional value of USD 178.5 million to have goods to meet the sale contract. This amount is equivalent to about VND 4,000 billion, nearly 9.3 times larger than the Company's Charter Capital and 4.4 times larger than the Company's Equity.
According to Viet Phat's Audited Financial Statements for 2021, the Company has recorded VND 2,384 billion of Total Assets, of which Short-Term Assets achieved VND 2,153 billion.
The Company has had VND 748 billion of Cash and Cash Equivalents, VND 640 billion of Short-term Receivables, nearly VND 728 billion of Inventory.
Recently, VPG also has a plan to adjust the 2022 business plan to submit to the Annual General Meeting of Shareholders with expected Revenue in 2022 of VND 8,621 billion, Profit after tax of VND 280 billion.