Stock price increases sharply, Hoang Anh Gia Lai of Mr. Duc makes a surprising decision

On the evening of November 24th, a day after announcing unusual information regarding the list of prospective investors for the private placement of 130 million shares, Hoang Anh Gia Lai Joint Stock Company (HAGL), chaired by Mr. Doan Nguyen Duc (Chairman Duc), abruptly canceled the list of prospective investors to update it.

The reason HAGL's board of directors requested the cancellation of the resolution passed earlier this week is "due to negligence in the information exchange process, resulting in errors." HAGL will adjust the information regarding the list of prospective investors for the offering.

At the same time, HAGL announced that it will finalize the registration documents for the private placement of shares to submit to the State Securities Commission in November and December of this year.

Bầu Đức's company unexpectedly cancels the list of investors who were about to buy 130 million shares.

HAGL also expects to finalize and announce information related to the list of investors by the end of this month.

The previously announced list of investors includes: LPBank Securities Joint Stock Company, Viet Cat Fund Management Joint Stock Company (Viet Cat Fund), and professional investor Nguyen Duc Tung Quan.

Previously, on the evening of November 23rd, HAGL announced a plan to offer 130 million shares at a price of 10,000 VND per share to raise 1,300 billion VND. The offering is scheduled to take place this year or next year, after approval from the State Securities Commission. The capital raised will primarily be used to repay debt and supplement working capital.

In its private placement plan, HAGL also revealed the list of investors to whom the company intends to offer its shares.

Accordingly, LPBank Securities Company plans to purchase 50 million shares, equivalent to 4.73%; Viet Cat Fund will purchase 60 million shares, equivalent to 5.67%; and Mr. Nguyen Duc Tung Quan will purchase 20 million shares, equivalent to 1.89%.

Immediately after the announcement, HAG shares of Hoang Anh Gia Lai Joint Stock Company increased for three consecutive sessions.

Currently, HAG shares are trading at 10,400 VND per share, up 19% in the past month. Compared to the end of September, HAG shares have increased by 40%.

This is the first time HAG shares have surpassed the 10,000 VND/share mark in over a year.

However, HAG shares are currently under warning status because the undistributed after-tax profit, as of June 30th, is negative.

In September 2022, HAGL offered nearly 162 million shares at 10,500 VND each, expecting to raise 1,700 billion VND. However, investors refused to buy, so the plan failed.

Currently, HAGL focuses on three main products: pork, bananas, and durian. Of these, durian is expected to be the product that brings in the most revenue and profit for HAGL next year.

Hoang Anh Gia Lai shares of Chairman Duc buck the trend, real estate stocks plummet. Hoang Anh Gia Lai (HAG) shares, owned by Chairman Duc, unexpectedly attracted significant investment and surged to the ceiling price near the end of the trading session, contrary to the cautious trend and slowed trading on the stock market.

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