Gia Dinh Textile and Garment divests all capital from Bong Bach Tuyet after nearly 20 years

Gia Dinh Textile and Garment Joint Stock Company has registered to sell all 3.43 million BBT shares of Bach Tuyet Cotton Joint Stock Company via order matching on the stock exchange. The expected implementation time is from June 13 to July 11 with the aim of restructuring the investment portfolio. If the transaction is successful, Gia Dinh Textile and Garment will divest its 35% ownership in BBT and will no longer be related to this company. This is a shareholder representing state capital for nearly 20 years.

Dệt may Gia Định thoái hết vốn khỏi Bông Bạch Tuyết sau gần 20 năm - Ảnh 1. — Major shareholder Gia Dinh Textile wants to divest all capital at Bong Bach Tuyet

With BBT shares currently at VND8,500, it is estimated that Gia Dinh Textile and Garment could earn more than VND29 billion. Previously, this company registered to sell 35% of its capital at BBT from April 28 to May 19, but the transaction was unsuccessful because the price did not meet the approval of the competent authority.

BBT was equitized in November 1997 and officially listed on the stock exchange in 2004. At that time, BBT was one of the first enterprises listed on the Vietnamese stock exchange and quickly became one of the "hot" stocks in the eyes of investors. However, due to continuous losses, the company's shares were forced to be delisted in early 2009. Notably, the company stopped operating in July 2008 due to lack of capital and did not resume operations until September 2009...

BBT was also the first stock to be delisted from HOSE at that time. For many years, the company had many conflicts between the state-owned shareholder Gia Dinh Textile and the management board, causing a series of unsuccessful shareholder meetings.

BBT shares returned to trading on the UPCoM exchange in mid-June 2018. At the end of last year, BBT achieved revenue of nearly VND 143.4 billion, up 11.4% compared to 2021 and profit after tax of VND 1.46 billion, down nearly 80% compared to 2021. By the end of 2022, the company still had an accumulated loss of more than VND 1.4 billion.

Currently, in addition to the major shareholder Gia Dinh Textile and Garment owning 35% of capital, Bong Bach Tuyet also has the largest shareholder Saigon 3 Capital Investment Company Limited holding 40.7% of capital and Thanh Cong Securities Company owning 9.53% of capital.

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