Thaco to buy five million shares of Hoàng Anh Gia Lai Agricultural

 

Farmers of Hoàng Anh Gia Lai Agricultural JSC (HNG). On the stock market, HNG shares have been falling from the peak of VNĐ19,000 per share recorded in mid-July. It closed Monday at VNĐ14,550 per share. Photo haagrico.com.vn

HÀ NỘI — Trường Hải Auto Corporation (Thaco) has registered to buy five million shares of Hoàng Anh Gia Lai Agricultural JSC (HNG).

HNG is the business arm of farming group Hoàng Anh Gia Lai Joint Stock Company (HAG).

Thaco expects to spend VNĐ73 billion (US$3.2 million) for the acquisition.

The transactions will be conducted via agreement or order matching method, from December 4 this year to January 2 next year. After the purchase, Thaco will hold 296.4 million HNG shares, 26.7 per cent of the firm.

Thaco currently holds 291.4 million HNG shares.

Thaco and HAG signed a co-operation contract in August 2018. Thaco Chairman Trần Bá Dương pledged to pour capital into HNG, help implement the HAG Myanmar project and arrange HNG’s loan structure.

In the first nine months of this year, HNG recorded net revenue of VNĐ1.27 trillion (US$54.9 million), down 54 per cent from the same period last year. It suffered a loss of VNĐ1.72 trillion after three quarters while the firm targets pre-tax profit of VNĐ103 billion this year.

On the stock market, HNG shares have been falling from the peak of VNĐ19,000 per share recorded in mid-July. It closed Monday at VNĐ14,550 per share. — VNS