Hoang Anh Gia Lai (HAG) has just announced the results of its private share offering. According to HAG, the closing date of the offering is April 17. However, the company did not complete the private share offering. The reason is that the stock price movement on the stock market did not match the expected offering price, leading to investors refusing to buy.
To compensate for the capital shortage, HAG maintains the same scale of production and business investment, while using cash flow from liquidating financial investments, debt collection from partners, bank loans, and cash flow generated from ongoing projects.
In addition, the company uses funds from debt collection from Hoang Anh Gia Lai International Agriculture JSC and from liquidation of non-profitable assets to pay off bond principal within the prescribed time.
In 2022, HAG approved a plan to register to offer 161.9 million shares at a price of VND 10,500/share to raise nearly VND 1,700 billion. The issued shares are restricted from transfer within 1 year and are expected to be implemented in 2022.
Also at HAG, Ms. Vo Thi Huyen Lan, a member of the Board of Directors, has just submitted a resignation letter from April 19. The Board of Directors will submit and seek opinions at the 2023 General Meeting of Shareholders on April 28 to approve the dismissal of Ms. Lan from her position.
Business News
The stock market has a number of other important events of listed companies.
* SKG : Superdong - Kien Giang High-Speed Boat Joint Stock Company (SKG) has just announced its financial report for the first quarter of 2023. Net revenue reached 33.4 billion VND. Net profit was over 33 billion VND, reaching more than 46% of the 2023 profit plan expected to be submitted to shareholders.
* IJC : Becamex IJC Infrastructure Development Joint Stock Company (IJC) recorded net revenue in the first quarter of 2023 of VND 337 billion and pre-tax profit of VND 135 billion.
* ORS : At the 2023 Annual General Meeting of Shareholders, Tien Phong Securities (ORS) set a revenue target of VND 2,831 billion and after-tax profit of VND 184 billion, an increase of 35.62% compared to 2022. The meeting approved the bond issuance/offering plan in 2023 with a total expected par value of VND 2,000 billion.
* PTB : Phu Tai Joint Stock Company (PTB) announced a capital contribution of 60 billion VND to establish Phu Tai Khanh Hoa Stone Company Limited.
* TIG : At the 2023 Annual General Meeting of Shareholders, Thang Long Investment Group Corporation (TIG) set a target of consolidated revenue of VND 1,253 billion and consolidated pre-tax profit of VND 280 billion. TIG's General Meeting also approved the plan to issue VND 240 billion in private shares.
* NT2 : At the 2023 Annual General Meeting of Shareholders, Nhon Trach 2 Petroleum Power Joint Stock Company approved the 2023 business plan. Total expected revenue is 8,299 billion VND, total cost is 7,801 billion VND and profit after tax is 473 billion VND.
Stock Trading
* KHG : Mr. Phung Quang Hai, member of the Board of Directors and Deputy General Director of Khai Hoan Land Group Joint Stock Company (KHG) registered to sell all 1.6 million KHG shares to reduce ownership from 0.36% to 0% of charter capital. The transaction is expected to take place from April 21 to May 20.
* MIG : Pyn Elite Fund (Non-Ucits), a major shareholder of Military Insurance Corporation (MIG), bought more than 707,000 MIG shares on April 14. After the transaction, Pyn Elite Fund's ownership ratio at MIG increased to more than 10.07 million shares, equivalent to 6.13%.
* HAX : Ms. Nguyen Thi Ngoc Bich, General Director of Hang Xanh Auto Service JSC (HAX) bought 400,000 HAX shares from April 12 to April 18, through negotiation and order matching. After the transaction, Ms. Bich owns more than 664,000 shares, accounting for 0.92%.
* TCO : Mr. Nguyen Duy Dinh, a major shareholder of Duyen Hai Multimodal Transport JSC (TCO), sold more than 297,000 CTO shares on April 17. Thereby, reducing his ownership at TCO to more than 2.36 million shares, equivalent to 12.63%.
* HHP : Wardhaven Vietnam Fund, a shareholder of Hoang Ha Hai Phong Paper JSC (HHP) bought 240,000 HHP shares on April 11.
* LDP : APG Securities JSC (APG), a shareholder of Lam Dong Pharmaceutical JSC - Ladophar (LDP) bought more than 471,000 LDP shares on April 14. Thereby, increasing ownership in LDP to more than 1.07 million shares, equivalent to 8.47%.
VN-Index
At the end of the session on April 19, VN-Index decreased by 6.04 points (-0.57%), down to 1,048.98 points. Total trading volume reached 569.7 million units, worth VND9,724.9 billion.
HNX-Index decreased 2.4 points (-1.15%), down to 205.85.
UPCoM-Index decreased 0.62 points (-0.79%), down to 78.11 points.
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