Vinaconex's parent company (VCG) plans to divest 39 million shares, earning nearly VND1,018 billion.
Vietnam Construction and Import-Export Corporation - Vinaconex (Code VCG) has just announced its Q2 business results with a slight recovery after Q1 profits plunged by 98%. However, Vinaconex's parent company, Pacific Holdings Investment JSC, is still determined to divest 39 million VCG shares.
Specifically, Pacific Holdings has registered to sell 39 million VCG shares from August 7 to September 5 by order matching or negotiation. Currently, Pacific Holdings is holding 280.25 million VCG shares, equivalent to 52.44%.
Vinaconex's parent company dumped 39 million VCG shares (Photo TL)
If the transaction is successful, Pacific Holdings will reduce its ownership to only 241.25 million shares, equivalent to a reduction in holding ratio to 45.14% of charter capital. With this amount of shares, Pacific Holdings will also no longer be the controlling shareholder of Vinaconex.
In the trading session on August 3, 2023, VCG is trading at VND 26,100/share. The overwhelming amount of selling has caused this code to decrease in price by nearly 4.4% compared to the beginning of the trading session. At this price, Pacific Holdings is estimated to earn nearly VND 1,018 billion.
Recovering in Q2, Vinaconex is still behind schedule in meeting its 2023 business plan target.
Previously, in the first quarter of 2023, due to no longer recording a large amount of extraordinary financial revenue, Vinaconex only achieved revenue of VND 1,965 billion, profit after tax reached VND 16 billion, down 98% compared to the same period. According to the full-year plan, by the end of the first quarter, Vinaconex had only completed 2% of the set profit target.
Entering the second quarter, VCG's business results have recovered, although not as expected. Specifically, net revenue reached VND 4,566.9 billion, more than double compared to the same period. Gross profit from sales and service provision reached VND 430 billion. Gross profit margin decreased from 14.3% to only 9.4%.
Financial revenue in the period decreased from 164.9 to 119.3 billion VND, mainly from interest on deposits. However, financial expenses increased from 196.9 billion to 245.1 billion VND. Of which, interest expenses accounted for 213.3 billion VND, an increase of nearly 20 billion VND compared to the same period.
Due to having to pay income tax of up to 64.8 billion VND, Vinaconex's after-tax profit was only 130.3 billion VND. Compared to the same period, VCG's after-tax profit decreased by 24%.
VCG's accumulated revenue in the first 6 months of the year reached 6,532 billion VND, the company's after-tax profit reached 139.2 billion VND. Compared to the initial revenue target set at the beginning of the year, VCG has only completed 40% of the annual revenue plan and 16.2% of the annual profit plan.
Annual plan only achieved 16.2% Vinaconex continuously divested from subsidiaries
After half a year of operation, Vinaconex has only completed 16.2% of its annual profit plan. Faced with this difficult business situation, VCG had to register to sell 1.326 million shares of Vinaconex Human Resources and Trading JSC (VCM).
At the time of registration for sale, VCG owned 44.2% of shares at VCM and the transaction was conducted from June 21 to July 20.
Vinaconex's divestment move at VCM has attracted the attention of investors because not only Vinaconex but also VIMECO JSC, a unit related to Mr. Nguyen Khac Hai, chairman of Vinaconex, has also registered to sell all VCM shares.
VIMECO owns 130,000 VCM shares, equivalent to 4.33% of charter capital. The company registered to sell all of them from June 21 to July 19 to divest all of its capital from VCM.
The above divestment transaction of Vinaconex has been completed with an estimated revenue of about 34.8 billion VND. Previously, Vinaconex also carried out many divestment transactions from related companies, showing that this unit is in need of cash to restructure its financial situation.
On June 2, 2023, Vinaconex sold 506,000 VCT shares, reducing its ownership ratio from 51% to only 5%. Previously, on May 13, VCG also reduced its ownership ratio at Vinasinco from 50% to only 25%. On March 3, 2023, VCG also divested 2 million shares at Vinaconex Trading Development JSC (VCTD), reducing its ownership ratio from 55% to 45%.
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