BaF Vietnam receives transfer of 40% capital at Green Forest Production

BaF Vietnam acquires 40% stake in Green Forest Production.

BaF Vietnam is looking to expand into the rubber sector by announcing the transfer of 2.8 million shares in Green Forest Production, equivalent to 40% of the company's charter capital.

The Board of Directors of BAF Vietnam Agriculture Joint Stock Company (stock code: BAF) has just approved the acquisition of 2.8 million shares, equivalent to 40% of the charter capital of Green Forest Production Joint Stock Company.

BaF Vietnam will assign Ms. Bui Huong Giang, the company's General Director, to carry out the procedures and represent the company's capital contribution in Green Forest Production.

Green Forest Production Joint Stock Company was established on August 21, 2009, in Ea E'leo district, Dak Lak province. The company operates in the field of rubber tree cultivation, and its legal representative is Mr. Nguyen Tien Khoi (born in 1980).

In other news, BaF recently sought shareholder approval for a private placement of shares in 2024, with the plan expected to be implemented in October 2024. Details of the plan have not yet been released.

BAF is seeking to raise additional capital following the successful sale of over 68.4 million shares at VND 10,000 per share, 47% lower than the closing price on July 19th (VND 19,000).

The aforementioned shares were offered through a rights issue at a ratio of 1:0.477, meaning that shareholders owning 10 shares were entitled to purchase approximately 4.8 new shares.

Furthermore, the company has also just completed the issuance of 2.6 million ESOP shares, representing 5% of the total outstanding shares, equivalent to more than 7.176 million shares, at a price of VND 10,000 per share.

ESOP shares are issued to members of the Board of Directors, members of the Supervisory Board, key personnel, and are subject to a one-year transfer restriction from the date of issuance.

Previously, on April 10th, BaF Vietnam unexpectedly dismissed Ms. Nguyen Huynh Thanh Mai (born in 1991) from her position as Chief Accountant and appointed Ms. Nguyen Thi Quynh Nhu to replace her.

Ms. Nguyen Huynh Thanh Mai was only appointed to the position of Chief Accountant on May 29, 2023, replacing Mr. Ngo Cao Cuong. Therefore, Ms. Mai has only held the position of Chief Accountant for just over 10 months.

Although BaF Vietnam was only listed on the Ho Chi Minh City Stock Exchange on December 3, 2021, the company has repeatedly changed its chief accountant. Specifically, from February 2020 to March 3, 2022, Ms. Nguyen Thi Ngoc Thuy held the position of Chief Accountant, and from March 3, 2022 to April 10, 2024, the company appointed Mr. Nguyen Cao Cuong to the position.

Thus, since its listing, BaF Vietnam has changed its chief accountant three times.

For the first half of the year, the company achieved net revenue of VND 2,613 billion, an increase of 8.6% compared to the same period last year. Gross profit during this period was approximately VND 286 billion, with a gross profit margin of 10.9%.

After deducting expenses, the company reported a pre-tax profit of VND 207 billion and an after- tax profit of VND 154 billion, representing increases of 11.3 times and 12 times respectively compared to the same period last year.

This year, BaF Vietnam plans to increase revenue by 6.6%, to VND 5,543.9 billion, and after-tax profit by an expected 893.2%, to VND 305.9 billion. After half a year, the company has achieved 47.13% of its revenue target and 50.5% of its profit plan.

At the 2024 annual meeting, the Board of Directors stated that it would focus on expanding its distribution channels in major supermarkets such as Big C and Aeon to bring its products closer to consumers. In addition, BaF will strengthen cooperation with farmers to develop its pig herd, contributing to raising livestock standards in Vietnam.

The company anticipates that the total pig herd by the end of 2024 will double compared to the same period in 2023, reaching 75,000 sows and 800,000 market pigs.

As of the end of Q2/2024, BaF had total assets of VND 7,267 billion, an increase of VND 734 billion compared to the beginning of the year. Liabilities amounted to over VND 5,204 billion, the majority of which were short-term liabilities. Equity increased slightly compared to the beginning of the period, approximately VND 2,063 billion.

On the stock exchange, BAF shares have fallen 35.3% from their highest price of the year recorded on May 13th (29,850 VND), down to 19,300 VND. The trading volume over the past 10 sessions has consistently exceeded 1 million units, with over 10.9 million shares changing hands on September 10th alone, equivalent to a value of 209 billion VND.

Source: https://baodautu.vn/baf-viet-nam-nhan-chuyen-nhuong-40-von-tai-san-xuat-rung-xanh-d224752.html