Chairman of Dien Tay Bac wants to increase ownership after more than a month as leader

The head of the Board of Directors of Tay Bac Electricity wants to buy 1.53 million NED shares to increase his ownership ratio from 11.54% to 15.32% after more than a month of becoming a leader.

In a notice sent to the Hanoi Stock Exchange, Mr. Tran Van Ngu, Chairman of the Board of Directors of Tay Bac Electricity Investment and Development Joint Stock Company (stock code NED) said that he plans to carry out this transaction by order matching and negotiation from September 20 to September 25. If successful, Mr. Ngu will increase his stake in Tay Bac Electricity from 11.54% (4.67 million shares) to 15.32% (6.2 million shares).

Based on the closing price of 6,900 VND/share on September 13, it is estimated that Mr. Ngu needs to spend more than 10.56 billion VND to complete the deal.

NED shares have fallen 21.5% from their year-to-date high set in April 2024. However, compared to the price at the beginning of this year, the current market price is 47% higher.

Mr. Ngu was appointed as Chairman of the Board of Directors of Tay Bac Electricity for the 2020-2025 term from July 31, replacing Mr. Tran Van Huyen at this year's General Meeting of Shareholders.

Also at the meeting, the Board of Directors of Tay Bac Electricity approved Mr. Ngu and related persons to purchase/receive the transfer of more than 2 million shares of Mr. Tran Van Phuc, more than 2 million shares of Mr. Luu Van Ho, 800,000 shares of Ms. Dang Thi Doan Trang, 868,000 shares of Ms. Nguyen Thi Kim Tuyen and more than 2 million shares of Ms. Tran Ngoc Dinh without having to carry out public offering procedures.

In addition to Mr. Ngu, An Khanh Hung Development Investment Joint Stock Company - where Mr. Ngu holds the position of General Director - and related persons are allowed to transfer 2 million shares of Mr. Tran Van Trung and 400,000 shares of Mr. Nguyen Hong Minh without having to carry out public offering procedures.

Tay Bac Electricity was established in June 2006, with main business activities in the field of construction and installation of hydroelectric projects, production and trading of commercial electricity. The company's charter capital currently reaches 405 billion VND and market capitalization is less than 300 billion VND.

In the first 6 months of the year, Tay Bac Electricity recorded net revenue of VND32.9 billion, down 8.8% compared to the same period last year. Pre-tax profit reached VND7.7 billion and after-tax profit was about VND5.9 billion, respectively 22.2 times and 70.2 times higher than the same period.

This year, the company targets consolidated revenue of more than VND78 billion, up 7% over last year. Pre-tax profit is expected to reach VND12.1 billion and after-tax profit to reach VND9.6 billion, respectively 2.3 times and 2.7 times higher than the same period last year.

After half a year, Dien Tay Bac has completed 42.2% of the revenue plan. The profit targets reached 63.5% and 61.4% respectively.

The board of directors said that this year, the company has no plans to invest in new hydropower projects or expand production or purchase equipment. Instead, the company will focus on managing and restructuring investments to ensure a balanced source of capital.

Total assets as of the end of the second quarter of 2024 reached over VND 716 billion, a slight decrease compared to VND 730 billion at the beginning of the year. Liabilities were about VND 252 billion, most of which were long-term debts. Owners' equity was over VND 464 billion, and undistributed profit after tax reached VND 56.8 billion.

Source: https://baodautu.vn/chu-tich-dien-tay-bac-muon-tang-so-huu-sau-hon-mot-thang-lam-lanh-dao-d224916.html