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POM: Pomina Steel announces strategic restructuring plan and blast furnace restart
Vietnam News - 2/19/2024 4:01:52 PM
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 Pomina Steel Corporation (POM) has just announced its plans for an extraordinary general meeting (EGM).
 
Notably, the company plans to present to shareholders a comprehensive restructuring plan through cooperation with strategic investors to establish a new legal entity, Pomina Phú Mỹ Joint Stock Company.
 
POM will contribute capital by transferring all land, factories and equipment. Strategic investors will contribute capital in cash. The strategic investors, charter capital and ownership structure will be presented specifically at the general meeting.
 
According to POM, the strong restructuring process, especially with the participation of strategic investors, marks an important turning point for the company. This strategic partnership will provide the necessary capital for POM to restart the blast furnace steelmaking process.
 
It is expected that POM will restart the blast furnace in the fourth quarter of 2024 after a period of inactivity to prepare for the return of real estate projects that are expected to recover strongly in the last months of the year.
 
At the extraordinary shareholders' meeting in 2024 slated to be held on March 1, Pomina Steel will present a plan to increase investment capital for the blast furnace project at Pomina 3 branch to VNĐ5.9 trillion (US$245.8 million) from nearly VNĐ5 trillion, an increase of more than VNĐ900 billion. — VNS
 
Read original article here
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