After unexpectedly turning a loss into a profit, Vietnam’s leading steel trading company plans to offer 73 million shares at 10,000 VND, doubling its capital

The Investment and Trade SMC Joint Stock Company (stock code: SMC) plans to sell 73 million shares at 10,000 VND/share to raise 730 billion VND for debt repayment and working capital. If successful, its charter capital will increase from 736.8 billion VND to 1.466 trillion VND. In Q1 2025, SMC reported a 17.2% decrease in revenue compared to the same period last year, with a net profit of 127 million VND, down 99.9%. Faced with increasing bad debts, SMC adjusted the value of its bad debt provisions, resulting in a shift from a loss of 287 billion VND to a profit of 48 billion VND for 2024, marking a recovery after two years of losses. The company is struggling with falling steel prices and bad debts from businesses in the Novaland ecosystem, and SMC’s shares have been placed on alert.