Three investors have confirmed the purchase of 130 million shares of Hoang Anh Gia Lai.
Following approval from the State Securities Commission, Hoang Anh Gia Lai Joint Stock Company (HAGL Company, ticker HAG - HoSE) continues to receive subscription forms from investors.
HAGL announced that it has received official registration documents for the private placement of shares from three investors. Specifically, Thaigroup Corporation will purchase 52 million shares; LPBank Securities Corporation will purchase 50 million shares; and Mr. Le Minh Tam will purchase 28 million shares.
Previously, on February 15th, HAGL Company announced that it had received a document from the State Securities Commission approving its application for a private placement of shares.
Hoang Anh Gia Lai Company will proceed with the offering according to the approved documents and report the results of the private placement of shares.
Reportedly, after several adjustments to the organizational structure participating in the issuance and the capital utilization plan, in January 2024, Hoang Anh Gia Lai finalized a plan to privately issue 130 million shares at a price of VND 10,000 per share, raising VND 1,300 billion.
Previously, also related to the private placement, HAGL approved an adjustment to its plan to offer 130 million shares in a private placement. The list of investors expected to participate in the offering includes three investors: LPBank Securities Joint Stock Company, expected to purchase 50 million shares, increasing its ownership from 0% to 4.73% of the charter capital; Thaigroup Corporation, expected to purchase 52 million shares, increasing its ownership from 0% to 4.92% of the charter capital; and investor Le Minh Tam (replacing Mr. Nguyen Duc Quan Tung), expected to purchase 28 million shares, increasing his ownership from 0% to 2.65% of the charter capital.
Regarding the use of capital, the first priority is to repurchase before maturity the entire principal and interest of the bonds issued by the Company on June 18, 2012, code HAG2012.300, with an estimated value of VND 346.7 billion; second, to restructure the debt of the subsidiary, Le Pang Livestock Joint Stock Company, through a loan to repay the debt at Tien Phong Commercial Bank with an amount of VND 253.26 billion; and finally, if there is still remaining, VND 700 billion will be used to supplement working capital and restructure the debt of the subsidiary, Hung Thang Loi Gia Lai Limited Company.
Hoang Anh Gia Lai fined for information disclosure violations.
It is worth noting that, prior to this, on February 6, 2024, the State Securities Commission issued a Decision on administrative penalties against Hoang Anh Gia Lai Joint Stock Company, located at 15 Truong Chinh Street, Phu Dong Ward, Pleiku City, Gia Lai Province.
Specifically, a fine of 92.5 million VND was imposed for failing to disclose information that was required to be disclosed according to the law.
HAGL Company did not disclose information to the Hanoi Stock Exchange (HNX) regarding the Report on the Use of Capital from Bond Issuance in 2021; the Report on Principal and Interest Payments on Bonds in 2021; and the Report on the Use of Proceeds from Bond Issuance in 2022 and the first half of 2023, as audited.
Furthermore, HAGL Company failed to disclose information to HNX within the prescribed timeframe regarding the Report on the payment of interest and principal on bonds for the first half of 2022; and the Report on the use of funds raised from the issuance of bonds for the first half of 2022.
In addition, regarding the act of disclosing false information, HAGL Company disclosed false information about the number of shares expected to be distributed to Viet Cat Fund Management Joint Stock Company.
Specifically, on April 23, 2024, HAGL Company announced Board of Directors Resolution No. 07/22/NQ-HĐQT/HAGL dated April 22, 2022, which approved the number of shares to be distributed to Viet Cat Fund Management Joint Stock Company as 47,619,047 shares. However, on November 23, 2023, the Company announced Board of Directors Resolution No. 22/23/NQ-HĐQT-HAGL dated November 22, 2023, in which the number of shares to be distributed to Viet Cat Fund Management Joint Stock Company was 60,000,000 shares.
The penalty for publishing false information is a fine of 150 million VND, along with the obligation to correct the false information.
Profit of VND 1,817.4 billion in 2023
In terms of business performance, in the fourth quarter of 2023, HAGL recorded revenue of VND 1,897.9 billion, an increase of 15.8% compared to the same period last year, and after-tax profit of VND 1,107.7 billion, an increase of 376.8% compared to the same period last year. However, the gross profit margin decreased sharply from 26.1% to only 11.4%.
During the period, gross profit decreased by 49.1% compared to the same period last year, equivalent to a decrease of VND 209.87 billion, to VND 217.25 billion; financial revenue increased by 265.1%, equivalent to an increase of VND 214.2 billion, to VND 295 billion; financial expenses recorded a negative VND 995.8 billion compared to a positive VND 421.3 billion in the same period last year, a decrease of VND 1,417.1 billion; selling and administrative expenses recorded a positive VND 161.3 billion compared to a negative VND 162.4 billion in the same period last year, an increase of VND 323.7 billion; other income recorded a loss of VND 254.4 billion compared to a loss of VND 34.7 billion in the same period last year, an increase of VND 219.7 billion in losses.
Thus, in the last quarter of 2023, although gross profit decreased sharply, net profit after tax increased significantly, mainly due to increased financial revenue and reduced financial expenses.
According to the explanatory notes, the increase in financial revenue was mainly due to the recognition of VND 240.3 billion in profit from the liquidation of investments; and the decrease in financial expenses was mainly due to the reduction of interest expenses waived by VND 1,424.7 billion.
Explaining the fluctuations in financial costs, the company stated that it received interest rate reductions or waivers from the Vietnam Export Import Commercial Bank.
For the full year 2023, HAGL recorded revenue of VND 6,932.2 billion, an increase of 35.6% compared to the same period, and after-tax profit of VND 1,817.4 billion, an increase of 61.6% compared to the same period.
Reportedly, in 2023, HAGL Company planned for net revenue of VND 5,120 billion and after-tax profit of VND 1,130 billion. Thus, by the end of 2023, HAGL Company had exceeded its profit target of VND 1,130 billion by 60.8%.
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