Tan Cang Song Than sets date for issuing shares to increase capital

September 20, 2024 will be the final registration date for the issuance of shares by Tan Cang Song Than ICD Joint Stock Company (stock code: IST) to increase its share capital.

According to the latest announcement from the Board of Directors of Tan Cang Song Than ICD Joint Stock Company (Tan Cang Song Than), the company will issue approximately 3 million shares with a total value of about 30 billion VND to increase its share capital.

The issuance capital will be sourced from the development investment fund as of December 31, 2023, according to the audited consolidated financial statements.

The shares will be issued to existing shareholders as of the record date (September 20th). The number of shares issued/number of outstanding shares is 24.98%. Accordingly, the exercise ratio is 100:24.98. This means that each shareholder owning 1 IST share will have 1 right to receive additional shares; for every 100 rights to receive additional shares, approximately 24.98 new shares will be added. These shares will not be subject to transfer restrictions.

The number of additional shares issued to each shareholder will be rounded down to the nearest whole number. Any fractional shares (if any) will be canceled and will not be reissued.

The largest shareholder of ICD Tan Cang Song Than is Tan Cang Saigon Corporation Limited (owning 51% of the shares).

The company's largest shareholder is Saigon Newport Corporation (the parent company, owning 51% of the shares). The company's main business is warehousing and related services such as loading, unloading, lifting, and transportation.

Regarding business operations, the audited semi-annual report for 2024 of ICD Tan Cang Song Than shows that revenue from service provision brought in VND 218.5 billion, an increase of only about VND 2 billion compared to the same period last year. However, net profit from business operations in the first half of 2024 reached VND 43.5 billion, while in the same period last year it was only VND 29.8 billion.

After deducting expenses, Tan Cang Song Than's after-tax profit in the first six months of 2024 was VND 34.8 billion, an increase of approximately 48% compared to the same period last year.

The company's cash and cash equivalents from the beginning to the end of the period also increased from VND 48.6 billion to VND 84.2 billion. Of this, cash amounted to only about VND 180 million, bank deposits to VND 34.1 billion, and the remaining VND 50 billion consisted of cash equivalents such as bank deposits with initial maturities of no more than 3 months and earning interest rates ranging from 2.1% to 2.5% per year.

The company is making long-term investments in its affiliated companies, namely Tan Cang Binh Duong Logistics Joint Stock Company. As of June 30, 2024 and December 31, 2023, the company owned 1,080,000 shares, equivalent to 36% of Tan Cang Binh Duong's charter capital. The company's main activities are in the transportation and warehousing sector.

Next is Maruzen Unithai Logistics Vietnam Joint Stock Company, in which Tan Cang Song Than currently owns 48,000 shares, equivalent to 20% of the company's charter capital. The company's main business activities are transportation services, customs brokerage services, warehousing and goods storage.

In addition, Tan Cang Song Than also authorized its parent company (Tan Cang Saigon) to invest in shares of Military Commercial Joint Stock Bank ( MBBank ). After the equitization process, the value of this investment was reassessed at approximately VND 6.5 billion. As of June 30, 2024, the number of MBBank shares entrusted to the company for investment was 1.3 million shares.

Continuing with short-term receivables, the total amount that Tan Cang Song Than has to collect is 57.9 billion VND. Of this, the largest receivable is from Kimberly-Clark Vietnam Co., Ltd. (22.6 billion VND). Global Logistics Development and Trading Investment Joint Stock Company, Gokce & Ayca Logistics Co., Ltd., and Kasee ​​Vietnam Import-Export Co., Ltd. are three businesses on Tan Cang Song Than's list of bad debts.

Source: https://baodautu.vn/tan-cang-song-than-chot-ngay-phat-hanh-co-phieu-de-tang-von-d224553.html