The automatic toll collection giant wants to invest hundreds of billions in a Geely car distribution showroom.

The total amount of money that Tasco Joint Stock Company (HNX: HUT) mobilized in this offering is up to 1,785 billion VND, of which more than 385 billion VND will be used to invest in the Geely car distribution showroom system.

Customers attend a test drive at Tasco Auto showroom in Da Nang - Photo: GEELY

Tasco has just announced a plan to offer more than 178.5 million shares at a price of VND10,000/share. All proceeds will be used to invest, contribute capital to subsidiaries and expand business activities in areas such as insurance, automobile distribution, and branch expansion.

This time, Tasco's share issuance will be carried out at a ratio of 5:1 (5 shares/1 purchase right). Shareholders owning 5 shares will receive 1 purchase right. The registration period is from July 7 to August 20, 2025.

Notably, the largest investment from this issuance is more than 385 billion VND, which is used to build a system of 52 showrooms to distribute Geely cars, the second largest car company in China.

However, while promoting the Geely brand presence in Vietnam, the joint venture plan to build an assembly plant with this partner is still open.

Recently, Mr. Li Shufu - chairman and founder of Geely Group - announced to stop all plans to build new factories globally.

This move has raised public concern about whether the $168 million auto assembly plant project in Thai Binh , a joint venture between Geely and Tasco, can start construction on schedule this year as planned.

In addition to the investment in the Geely car distribution showroom, Tasco also plans to invest about 300 billion VND in insurance business; 250 billion VND to expand the branch network in the period 2025 - 2026 for Tasco Insurance Company Limited...

Formerly known as Nam Ha Bridge Team, established in 1971, Tasco is now a multi-industry corporation with key areas including automatic toll stations, BOT infrastructure, insurance, automobile distribution and resort real estate.

Tasco is the parent company of VETC Joint Stock Company, which accounts for about 75% of the non-stop toll collection market share in Vietnam. In the automobile segment, its subsidiary Tasco Auto is distributing 16 car brands and accounts for 13.7% of the domestic automobile market share by the end of 2024.

In 2024, Tasco's consolidated revenue will reach more than VND30,200 billion, with a net profit of VND304 billion. In the first three months of this year, the parent company's after-tax profit reached nearly VND29 billion.

In the first five months of this year, Vietnam imported more than 84,000 complete cars of all kinds, an increase of more than 43% over the same period last year.

Notably, cars with 9 seats or less account for 76% of total imported cars. The main supplying markets are Indonesia, Thailand and China.

HONG PHUC

Source: https://tuoitre.vn/ong-lon-thu-phi-tu-dong-muon-dau-tu-tram-ti-cho-showroom-phan-phoi-xe-geely-20250619183646567.htm