Tan Thanh Do Group brothers want to simultaneously 'let go' of Saigon Bus

Some bus routes of Saigon Bus - Photo: CHAU TUAN

Strategic shareholder since 2016

Saigon Bus Joint Stock Company (Saigon Bus, UPCoM: BSG) has just announced some information related to three major shareholders.

Specifically, Tan Thanh Do Group Joint Stock Company, a strategic shareholder since 2016, holding more than 14.4 million shares, equivalent to 24.05% of Saigon Bus' charter capital, registered to sell all of these shares, with the aim of "serving financial needs for investment and business expansion".

At the same time, two individuals with relationships with Tan Thanh Do Chairman, Mr. Pham Anh Hung and Mr. Nguyen Van Thanh, also simultaneously registered to sell all of the more than 13.5 million shares they were holding for personal financial needs. The three transactions mentioned above are expected to be carried out from May 16 to June 13, by both order matching and negotiation methods.

Tan Thanh Do Group became a strategic investor of Saigon Bus since the company was equitized in 2016. At that time, more than 14.4 million common shares were restricted from transfer for a minimum of 5 years. After the restriction period, this shareholder continued to maintain ownership until now.

In the initial stage of equitization, ACB Securities Company Limited was also a major shareholder, holding 15% of Saigon Bus' capital. However, by 2017, this unit had divested all its capital and Mr. Pham Anh Hung became a new shareholder, holding an equivalent ownership level.

According to the 2024 annual report, Mr. Tran Ngoc Dan, Chairman and General Director of Tan Thanh Do Group from 2012 to present, is currently a member of the board of directors of Saigon Bus.

He also holds many positions in businesses such as chairman of Cua Lo Golf Resort and chairman of City Auto.

City Auto is the authorized distributor of Ford and Hyundai TC Motor Vietnam, the parent company of the 3S dealer of the Volkswagen car brand.

In addition, Mr. Dan's son, Mr. Tran Lam - General Director of Volkswagen Vietnam - used to be the executive director of Land Rover Vietnam and is currently a member of the board of directors of Saigon Bus and deputy general director of Tan Thanh Do.

Immediately after the divestment information was announced, BSG shares fell sharply in the session of May 15, to 12,500 VND/share.

Currently, Saigon Bus has one major shareholder, Saigon Transport Mechanical Corporation (holding 49% of capital).

Accumulated losses, old vehicles and competition from private cars

The simultaneous divestment of capital by Tan Thanh Do shareholders marks a notable change in the ownership structure of Saigon Bus, a transportation company whose predecessor was an enterprise established in 1976.

Currently, Saigon Bus provides public passenger transport services, picking up and dropping off workers, students, and contracted transport... and faces many challenges in operations and expansion.

According to the 2025 business plan, Saigon Bus targets revenue of about VND562 billion and pre-tax profit of more than VND16 billion. This enterprise is currently suffering from accumulated losses, limiting investment and business expansion activities.

Some of the difficulties pointed out by the company's leaders include the fact that most of the vehicles have been used for more than 5-10 years and are often damaged; legal problems in the land areas managed by the company have not been resolved; fierce competition from personal vehicles and technology vehicles, making buses no longer a popular choice for people.

By the end of 2024, Saigon Bus had about 1,000 employees, with 57% of them having indefinite contracts. The average income per person last year reached more than 15 million VND/month, an increase of nearly 13% compared to 2023.

A notable point is that the remuneration and other benefits of the board of directors in 2024 will nearly double, to more than 1.2 billion VND. Ms. Le Thi Bich Hanh, the chairwoman, will receive 176 million VND, a significant increase compared to 96 million VND in 2023.

HONG PHUC

Source: https://tuoitre.vn/anh-em-tap-doan-tan-thanh-do-muon-dong-loat-buong-tay-saigon-bus-20250515164553054.htm