Hanoi (VNA) - Steelmaker HoaPhat Group plans to increase its charter capital to 15.2 trillion VND (675.6million USD) this year, double the current level of 8.42 trillion VND.

Last week, the group announced itsmanagement board’s resolution to submit to the 2017 shareholder meeting.Accordingly, it targeted turnover and after-tax profit of 38 trillion VND and 5trillion VND, respectively, for 2017.

Last year, Hoa Phat Group posted recordturnover and after-tax profit of 34 trillion VND and 6.6 trillion VND,respectively, since its establishment. These figures presented a year-on-yearincrease of 34 percent and 89 percent in terms of turnover and profit,respectively.

The group’s management board also approvedthe offer of a 50 percent dividend for last year’s profit in the first andsecond quarters of the year.

It plans to issue an additional 250 millionshares in the second quarter of the year. The mobilisation capital will beinvested into the Hoa Phat Dung Quat iron and steel production complex incentral Quang Ngai province and also be used for operations.

It also plans to restructure Hoa Phat SteelCompany and Hoa Phat Energy Company. The group will increase its contributioncapital at Hoa Phat Steel Company from the current 2.5 trillion VND to 3.5trillion VND. In addition, it will transfer its 99.89 million shares at the HoaPhat Energy Company worth a total of 998.9 billion VND to the Hoa Phat SteelCompany.-VNA