Is Thuong Dinh Shoes about to change ownership?

(Dan Tri Newspaper) - The Hanoi People's Committee wants to divest all its capital in Thuong Dinh Shoe Factory, expecting to earn at least 130 billion VND.

The Hanoi Stock Exchange (HNX) has just announced that the Hanoi People's Committee will auction off its shares in Thuong Dinh Footwear Joint Stock Company (stock code: GTD). The auction will involve over 6.38 million shares, equivalent to the entire 68.67% stake currently held by Hanoi in the company.

The starting price is 20,500 VND per share. If the sale is successful, the Hanoi People's Committee could earn at least over 130.9 billion VND.

The auction is scheduled to take place on the morning of December 16th, open to domestic and foreign economic organizations, social organizations, and individuals.

Thuong Dinh shoes are a brand that was once very popular (Photo: BHX).

Thuong Dinh Shoes, formerly known as X30 Enterprise, was established in 1957 under the management of the Military Supply Department - General Department of Logistics, specializing in the production of hard hats and rubber sandals for the army.

Thuong Dinh Shoes is one of the few businesses with a history of nearly 50 years. Owning a prime piece of land spanning over 36,100 square meters in the former Thanh Xuan district of Hanoi, this is considered one of the reasons why Thuong Dinh Shoes' shares reached a price of 44,000 VND during its IPO in 2015 (some investors even bid up to 55,000 VND at that time).

This price was maintained until the initial public offering (IPO) on UPCoM at the end of 2016; however, it is noteworthy that liquidity in this stock was almost non-existent, with trading "frozen" for 64 consecutive sessions.

In the years that followed, the once-famous shoe brand gradually lost market share due to its inability to keep up with consumer tastes. Meanwhile, domestic and international competitors continuously invested in and updated their designs.

According to the consolidated financial report for 2024, Thuong Dinh Shoes recorded net revenue of nearly 79 billion VND, a decrease of 2% compared to the same period in 2023. Increased cost of goods sold and expenses resulted in a net loss after tax of nearly 13 billion VND.

According to the auditing firm, the continued operation of Thuong Dinh Shoes depends on its ability to recover accounts receivable, extend loans, settle accounts payable to commercial banks and suppliers, and improve its future business performance.

Source: https://dantri.com.vn/kinh-doanh/giay-thuong-dinh-sap-doi-chu-20251121114754022.htm