TBS Group reduces Nam Long ownership to 5.49%, only sold more than 11% of registered shares

Thai Binh Investment Joint Stock Company sold only 435,500 NLG shares out of a total of 3.8 million shares registered for sale. The reason is that the stock price did not meet expectations.

Thai Binh Investment Joint Stock Company (TBS Group) announced that from July 24 to August 22, 2024, it had sold 435,500 NLG shares of Nam Long Investment Joint Stock Company (code NLG - HoSE) out of a total of 3.8 million shares registered for sale before, corresponding to only 11.5%. The reason for not selling all the registered NLG shares was that the stock price did not meet expectations.

After the transaction was completed, TBS Group reduced its ownership in Nam Long from 21.57 million shares (5.61%) to 21.14 million shares (5.49%).

As one of the "giants" in the footwear industry in Vietnam, TBS Group became a major shareholder of Nam Long in February 2021. After that, Mr. Nguyen Duc Thuan officially joined the Board of Directors of Nam Long for the 2021-2026 term. Since 2017, TBS Land and Nam Long have cooperated on many projects such as Flora Novia project, Southgate 165 project (Waterpoint phase 1) - Long An; Paragon Dai Phuoc 45 ha - Dong Nai .

Mr. Nguyen Duc Thuan is also the founder of TBS Group. After 30 years of development, TBS is gradually affirming its position in the market with 6 core business areas, including industrial leather and footwear production, industrial handbag production, investment - business - management of real estate & industrial infrastructure, ports & logistics, tourism , trade & services.

According to the financial report for the second quarter of 2024, the company recorded net revenue of more than VND 252 billion, down nearly 74% compared to the same period last year. Financial revenue reached VND 250 billion, nearly VND 231 billion in profit from liquidation of investments. In June 2024, Nam Long announced the completion of the transfer of 25% of capital at the Nam Long Dai Phuoc project (45ha scale) to strategic partner Nishi Nippon Railroad (Japan). The transfer is worth VND 662 billion, estimated to bring in after-tax profit of about VND 200 billion. Currently, Nam Long's ownership ratio in this project has decreased from 75% to 50%. In addition, expenses decreased compared to the same period, helping Nam Long report after-tax profit of VND 160 billion, down 31% compared to the same period but a sharp improvement compared to the loss of VND 65 billion in the first quarter of 2024.

In the first 6 months of the year, the company recorded VND457 billion in revenue and VND94.8 billion in profit after tax, down 61.5% and 62% respectively compared to the same period last year. Thereby, completing 7% of the revenue plan and 11.5% of the profit plan for the whole year.

As of June 30, 2024, Nam Long's total assets reached VND 29,731 billion, up 4% compared to the beginning of the year. Undistributed profit after tax was VND 2,721 billion.

On the stock market, NLG shares are trading at around VND40,400/share, up about 12% since the beginning of the year.

Source: https://baodautu.vn/tbs-group-giam-so-huu-nam-long-xuong-549-chi-ban-duoc-hon-11-luong-dang-ky-d223106.html