Bach Hoa Xanh reduces the amount of shares sold from 20% to 10%

Bach Hoa Xanh only offers 10% individually instead of 20% as originally

Mobile World Investment Corporation (HOSE code: MWG) has just approved a change in the plan to offer individual shares of Bach Hoa Xanh Technology and Investment Corporation to shareholders.

Accordingly, Bach Hoa Xanh Technology and Investment, the owner of the Bach Hoa Xanh chain, will reduce the maximum number of shares offered for private sale from 20% to only 10%.

Mobile World (MWG) only sold 10% of Bach Hoa Xanh shares instead of the original plan of 20% (Photo TL)

This chain plans to raise only 5% to 10% of its charter capital. The capital raising is expected to be completed in the first half of 2024. The purpose of capital raising is to serve the general business needs of BHX Investment and its subsidiaries.

MWG explained that the reduction in the maximum number of shares offered from 20% to 10% was due to the fact that the Bach Hoa Xanh chain is recording relatively positive results.

Although the business results of the BHX chain are showing many positive signs, other business segments of Mobile World show the opposite.

Profit dropped 97%, after 9 months completed less than 2% of the year plan

According to the Q3 business results, Mobile World brought in 30,287.7 billion VND, down 5.4% over the same period. Gross profit margin decreased from 23.1% to 15.3%.

Mobile World's remaining after-tax profit was VND38.8 billion, down 95.7% year-on-year. This quarter, if it weren't for the revenue from financial revenue, MWG would almost certainly have suffered a loss.

Accumulated revenue in the first 9 months of the year reached VND86,858.3 billion, down 15.5% over the same period. Profit after tax reached VND77.5 billion, down 97.8% over the same period.

In the first 9 months of the year, many Mobile World chains reported losses, including: Bach Hoa Xanh chain lost 904.9 billion VND, the total accumulated loss to date has reached 8,299.9 billion VND; An Khang Pharmaceutical JSC also lost 234.4 billion VND, the accumulated loss to date is 553 billion VND; Tran Anh Digital World JSC lost 46.9 billion VND; MWG in Cambodia also lost 96.8 billion VND, the accumulated loss is 701.5 billion VND.

Comparing business results with the target set at the beginning of the year, revenue of 135,000 billion VND, profit after tax of 4,200 billion VND, currently MWG has only completed 64% of the revenue plan and 1.8% of the yearly profit plan.

Source: https://www.congluan.vn/bach-hoa-xanh-giam-luong-co-phan-ban-tu-20-xuong-con-10-post281440.html