Hai Phat Board of Directors member wants to buy 3 million shares

Mr. La Quoc Dat, an independent member of the Board of Directors of Hai Phat Investment Joint Stock Company, registered to buy 3 million HPX shares for personal investment purposes on the afternoon of April 1 when the stock price fell sharply for two consecutive sessions.

In the announcement sent to the Ho Chi Minh City Stock Exchange on the afternoon of April 1, Mr. La Quoc Dat - Member The independent board of directors of Hai Phat Investment Joint Stock Company - said that it could buy 3 million HPX shares by order matching method in the period from April 5 to May 4. Because Mr. Dat had not previously owned any shares, if this transaction was successful, the ownership ratio would increase to 0.99% of Hai Phat's capital.

At current market prices, it is estimated that Mr. Dat needs about 22 billion VND to carry out this transaction.

Mr. Dat registered to buy HPX shares in the context that this code is experiencing two consecutive sessions of sharp decline, in which today's session (April 1) recorded a full-range drop to 7,310 VND. HPX shares closed this session with no buyers, while there were over 40,000 shares left to sell at the floor price. The pressure to sell fiercely pushed the stock liquidity up to 46.8 million shares, topping the Ho Chi Minh City Stock Exchange in terms of matched volume. This trading volume is worth about 346 billion VND.

Before the two consecutive declines, HPX had a strong increase after the Ho Chi Minh City Stock Exchange decided to remove it from the trading suspension list from March 14 and allow it to resume trading from March 20.

Hai Phat's Board of Directors added that the suspension of trading of HPX shares has caused many difficulties for production and business activities, such as accessing capital from credit institutions and financial institutions to implement the Project, facing great pressure from shareholders and investors, difficulties in restructuring debt, valuing collateral for loans, issuing bonds, etc.

Therefore, the board of directors set an important goal for the year to bring the shares back to trading and has achieved it so far. According to the document submitted to the annual general meeting of shareholders just announced, this year the company also wants to increase capital to have resources and cash flow to serve business activities, focus on restructuring and handling maturing bond packages as well as buying back bond packages before maturity, and repaying debts to credit institutions in the fourth quarter of this year.

The company targets parent company revenue of VND2,223 billion and consolidated revenue of VND2,800 billion. Parent company's after-tax profit is expected to reach VND69 billion, while consolidated revenue is VND105 billion. The expected dividend payout ratio is 5%.

In addition, the company also presented to shareholders a plan to offer shares to existing shareholders at a ratio of 2:1, corresponding to shareholders owning 2 shares having the right to buy 1 new share at a price of 10,000 VND/share and implemented in 2024 (after paying dividends in shares in 2023 at a rate of 5%). The number of shares expected to be offered is about 159.69 million shares, equivalent to mobilizing 1,596.9 billion VND. In addition, Hai Phat will also offer 140.3 million individual shares at a price of 10,000 VND/share, mobilizing 1,403 billion VND from professional securities investors.

The total amount of money raised from issuance to existing shareholders and private issuance is about 3,000 billion VND, which the company will use to restructure debt and pay off due debts; invest in capital contributions to subsidiaries to restructure and pay off due debts of subsidiaries; invest in developing the company's projects; and supplement working capital.

Source