A fund management company suddenly bought more than 18% of Hai Ha Confectionery's capital.

Through a negotiated transaction worth about 300 billion, VietinBank Capital has become a major shareholder at Hai Ha Confectionery JSC (HNX floor, stock code: HHC).

Through a negotiated transaction worth about 300 billion, VietinBank Capital has become a major shareholder at Hai Ha Confectionery JSC (HNX floor, stock code: HHC).

VietinBank Capital Fund Management Company Limited has just purchased 3 million HHC shares of Hai Ha Confectionery JSC.

Previously, VietinBank Capital did not own this stock code. After the transaction, VietinBank Capital's ownership ratio at HHC is 18.26%.

The transaction was made on October 22. On the HNX, HHC shares were traded in small quantities with low liquidity, and there were even no transactions for many consecutive sessions. However, on the session of October 22, 5 million HHC shares were traded by negotiation with a total value of VND 500 billion, corresponding to an average negotiated price of VND 100,000/share, lower than the floor price of VND 103,000/share.

HHC shares trading on the floor with gloomy liquidity

With 3 million HHC shares purchased, it is expected that VietinBank Capital has spent 300 billion VND to become a major shareholder owning more than 18% of shares of this long-standing confectionery company.

Before VietinBank Capital entered HHC, HHC had no major institutional shareholders. The company's two largest shareholders were two individuals, Mr. Luu Van Vu and Ms. Truong Thi Buu, each owning 24% of the company's capital.

Hai Ha Confectionery has total assets of VND 1,605 billion as of the end of the second quarter of 2024. The company has had steady and stable revenue and profit for many years. In the first 6 months of 2024, HHC's net revenue reached VND 341 billion, down slightly by 7% compared to the same period last year.

However, thanks to a sharp increase in financial revenue, 3 times higher than the same period, mainly thanks to deposit interest and investment cooperation interest, accumulated profit after tax for the first 6 months reached 22.4 billion VND, up 62%.

The company has sharply increased the remuneration costs for the Board of Directors in the first half of the year. The income and remuneration for the Board of Directors in the first 6 months of this year accounted for 847 billion VND, 1.7 times higher than the same period last year. The highest were Ms. Nam Thi Thu Huong - Deputy General Director receiving a remuneration of 381 million VND and Mr. Nguyen Quoc Hai - Deputy General Director receiving a remuneration of 120 million VND. Ms. Thu Huong was appointed to the position of Deputy General Director from November 2023, while Mr. Nguyen Quoc Hai has held this position since July 2023, however, by July 2024, HHC dismissed Mr. Hai, no longer holding a position in the executive board of HHC.

Source: https://baodautu.vn/mot-cong-ty-quan-ly-quy-bat-ngo-mua-hon-18-von-banh-keo-hai-ha-d228521.html