On January 18, Mobile World Investment Corporation (stock code MWG) announced a board resolution regarding the private offering of shares of its subsidiary, Bach Hoa Xanh Technology and Investment Corporation.
Specifically, Bach Hoa Xanh will offer common shares privately to potential investors. The purpose of the offering is to serve the general business needs of Bach Hoa Xanh and its subsidiaries. The expected completion time of the transaction is in the first half of 2024.
Bach Hoa Xanh will only sell a maximum of 10% of its shares instead of 20% as previously announced.
The number of shares offered ranges from 5% to a maximum of 10% of Bach Hoa Xanh's total shares, depending on the actual capital needs at the time of capital mobilization. This resolution emphasizes: With positive business results and cash flow developments in 2023, Bach Hoa Xanh and its subsidiaries do not need to mobilize capital up to 20% as originally planned.
Previously, Mobile World planned to offer Bach Hoa Xanh shares privately to interested investors at a rate of up to 20%. The issuers are partners and investors in the region or around the world (except direct competitors in Vietnam) with a reasonable share purchase price.
Bach Hoa Xanh is considered the new growth driver of Mobile World. At the end of November 2023, according to the announcement, Bach Hoa Xanh recorded 1,697 stores in operation. Cumulative revenue for the first 11 months of 2023 was VND 28,400 billion, an increase of 16% over the same period in 2022; the average revenue in November alone reached VND 1.75 billion/store.
Recently, Mr. Nguyen Duc Tai - Chairman of Mobile World - said that in 2024, Bach Hoa Xanh will enter a state of "no need to ask parents for money anymore". Bach Hoa Xanh's revenue is expected to increase by 20% compared to 2023, with average revenue per store of about 2 billion VND...
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