Bamboo Capital said that in order to increase Tracodi's competitiveness and seize opportunities from large-scale public investment projects that the Government is promoting, the Group decided to transfer 21 million shares to a strategic partner with experience in infrastructure development.
BOT Project DT 830 in Long An constructed by Tracodi
However, Bamboo Capital still holds control over Tracodi with a total voting right of 50.08%, through the re-authorization of the shares owned by Mr. Nguyen Ho Nam, Chairman of the Board of Directors, and Mr. Nguyen Thanh Hung, Vice Chairman of the Board of Directors of this Group. Specifically, Mr. Nguyen Ho Nam authorized 10,537,149 shares, equivalent to 3.73% of Tracodi's total common shares. Mr. Nguyen Thanh Hung authorized 6,925,184 shares, equivalent to 2.45%.
In addition to Bamboo Capital still holding control, most of Tracodi's senior leaders are personnel related to Bamboo Capital Group. Therefore, the transfer of 21 million shares this time does not affect the major decisions, strategies and long-term vision that Bamboo Capital has built for Tracodi.
At the recent 2023 annual shareholders' meeting, Bamboo Capital said that the development orientation of Tracodi is based on the model of a Group on infrastructure - construction. The Group will increase Tracodi's competitiveness and may invite more strategic partners to participate. This transfer move can be considered a suitable step in line with the above roadmap. Bamboo Capital's representative said that the buyer of shares this time is a strategic partner who will join Bamboo Capital in developing Tracodi, especially in seizing opportunities in the infrastructure sector.
In 2023, Tracodi targets consolidated net revenue of VND 3,317 billion, an increase of nearly 13% compared to last year's results, mainly from infrastructure construction and real estate projects (VND 2,618 billion). Consolidated profit after tax is expected to reach more than VND 267 billion. In the first quarter of 2023, Tracodi achieved revenue of VND 314 billion, profit after tax of nearly VND 68 billion, completing more than 25% of the yearly plan.
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