Coteccons Chairman registered to buy 200,000 shares

The head of Coteccons' Board of Directors wants to buy 200,000 CTD shares for investment purposes, thereby increasing his ownership ratio in the company from 1.38% to 1.57%.

In a notice sent to the Ho Chi Minh City Stock Exchange, Mr. Bolat Duisenov, Chairman of the Board of Directors of Coteccons Construction Joint Stock Company (stock code CTD) plans to carry out this transaction by order matching or negotiation from September 24 to October 23. If successful, Mr. Bolat Duisenov will increase his ownership ratio at Coteccons from 1.38% (nearly 1.43 million shares) to 1.57% (nearly 1.63 million shares).

Based on the closing price of 61,700 VND/share on September 20, it is estimated that Mr. Bolat Duisenov needs more than 12.3 billion VND to complete the deal.

The plan to increase ownership by the head of Coteccons was announced just one day after the company held an investor conference to announce its business performance for the 2023-2024 fiscal year and upcoming prospects.

On the stock exchange, CTD shares are having their fourth consecutive increase. This stock closed the weekend at 61,700 VND, up 0.3% compared to the reference. However, this level is still about 12% lower than at the beginning of this year. With more than 103 million shares listed on the HoSE, Coteccons' capitalization reached more than 6,165 billion VND .

Cumulatively in the 2023-2024 fiscal year, Coteccons recorded revenue of VND 21,045 billion, an increase of 30.8% over the previous year. The company has completed 118% of the old business plan (VND 17,793 billion) and 105% of the newly adjusted business plan (VND 20,000 billion). Profit after tax is more than VND 299 billion, an increase of 343% over the same period, completing 109% and 104% of the old business plan (VND 274 billion) and the new business plan (VND 288 billion), respectively.

Mr. Vo Hoang Lam, General Director of Coteccons, said that in 2024, the real estate market has not recovered, but in 2024, business results will be good thanks to diversified revenue sources, especially in the industrial construction sector.

Sharing with investors, Mr. Bolat added that currently, Coteccons has construction activities in a number of countries. However, foreign projects are still modest in revenue structure, but there are positive signs, Coteccons may take 2 to 3 years, but Coteccons is on the right track.

“The construction projects that Coteccons participates in have started to bring foreign currency to Coteccons. In particular, Coteccons is moving slowly but surely towards sustainable development. This is the time for the company to build a solid foundation when entering the foreign market. Therefore, Coteccons does not want to be hasty in the opening stage,” said Mr. Bolat Duisenov.

According to Coteccons leaders, by 2025, the company's backlog will be approximately VND22,000 billion. In 2024 alone, the revenue structure from the industrial construction sector will contribute up to 50% of total revenue, the civil construction sector will contribute 40% of total revenue, the resort project construction sector will account for approximately more than 5% of total revenue, and the rest will be from other sectors.

Source: https://baodautu.vn/chu-tich-coteccons-dang-ky-mua-200000-co-phieu-d225463.html