Vietnam Medicinal Materials details capital use from public offering

Vietnam Medicinal Materials Joint Stock Company (DVM) has reported its progress on utilizing VND 155.7 bn in capital raised from its public offering, which concluded on May 12, 2022. The company allocated VND 100 bn for project development and VND 55.7 bn for repaying bank loans.

A key investment has been the acquisition of land for the "Cultivating and developing medicinal plants under the forest canopy in Phu Tho" project, with VND 60.76 bn already spent. This phase is reported as complete. Additionally, VND 33.99 bn has been deployed for various investment items, including basic construction, machinery and equipment purchases, and land cultivation improvements.

The company continues to implement key project components, with ongoing work in land cultivation, basic construction, medicinal plant cultivation and care, and other associated costs. The VND 55.7 bn allocated for supplementing working capital to repay bank loans has also been fully utilized. The total capital utilized to date stands at VND 150.45 bn.