Paying 10 times the starting price, two investors acquire all shares in Thuong Dinh Shoes.

(Dan Tri Newspaper) - Two investors won the auction, and all the shares offered were distributed. The Hanoi People's Committee expects to earn approximately 1,379 billion VND from the divestment transaction.

The Hanoi Stock Exchange (HNX) has just announced the results of the auction of 6.38 million shares of Thuong Dinh Footwear Joint Stock Company (stock code: GTD) owned by the Hanoi People's Committee. The auction's outcome surprised investors with record-breaking figures.

Specifically, despite the modest starting price of 20,500 VND per share, the intense bidding process pushed the highest bid up to 216,000 VND per share, more than 10 times the starting price.

The highest bid volume reached 6.3 million units, almost encompassing the entire offering of shares. Ultimately, the average winning bid price was determined to be 215,999 VND per share. All shares were distributed to two individual investors out of the 15 who registered to participate.

Thuong Dinh shoes are a brand that was once very popular (Photo: BHX).

Through this divestment transaction, the Hanoi People's Committee expects to collect approximately 1,379 billion VND. The deadline for paying for the shares is set from December 16th to December 22nd.

Notably, the winning bid price is three times higher than the market price of GTD shares on the UPCoM exchange (as of December 16th) and 14 times higher than the price range of 15,000 VND/share before the divestment information was announced.

Thuong Dinh Shoes, formerly known as X30 Enterprise, was established in 1957 under the management of the Military Supply Department - General Department of Logistics, specializing in the production of hard hats and rubber sandals for the army.

Thuong Dinh Shoes is one of the few businesses with a history of nearly 50 years. Owning a prime piece of land spanning over 36,100 square meters in the former Thanh Xuan district of Hanoi, this is considered one of the reasons why Thuong Dinh Shoes' shares reached a price of 44,000 VND per share during its IPO in 2015 (some investors even bid up to 55,000 VND per share at that time).

This price was maintained until the initial public offering (IPO) on UPCoM at the end of 2016; however, it is noteworthy that liquidity in this stock was almost non-existent, with trading "frozen" for 64 consecutive sessions.

In the years that followed, the once-famous shoe brand gradually lost market share due to its inability to keep up with consumer tastes. Meanwhile, domestic and international competitors continuously invested in and updated their designs.

According to the consolidated financial report for 2024, Thuong Dinh Shoes recorded net revenue of nearly 79 billion VND, a decrease of 2% compared to 2023. Increased cost of goods sold and expenses resulted in a net loss after tax of nearly 13 billion VND.

According to the auditing firm, the continued operation of Thuong Dinh Shoes depends on its ability to recover accounts receivable, extend loans, settle accounts payable to commercial banks and suppliers, and improve its future business performance.

Source: https://dantri.com.vn/kinh-doanh/tra-gap-10-lan-gia-khoi-diem-2-nha-dau-tu-om-tron-co-phan-giay-thuong-dinh-20251217092407656.htm