Saigon Thuong Tin Real Estate Joint Stock Company (TTC Land - stock code SCR) has just announced the decision to dissolve its subsidiary, Thuong Tin 620 Real Estate Investment Joint Stock Company (Rach Gia - Kien Giang ), effective October 14th, in order to restructure and optimize operations. TTC Land had previously contributed VND 10.2 billion, equivalent to 51% of the charter capital, to this company.
Earlier in July, TTC Land also successively dissolved its subsidiaries and joint ventures. TTC Land Hung Dien Real Estate Investment Joint Stock Company temporarily suspended business for 12 months starting August 1, 2024. At the same time, two companies wholly owned by TTC Land, namely TTC Land Retail Management Limited Company and TTC Land Phu Quoc Real Estate Investment Limited Company, were also dissolved.
In addition to restructuring, TTC Land also carried out a debt swap through the issuance of 34.93 million shares worth a total of VND 349.3 billion, subject to a trading restriction period until Q1/2025. Notably, Thanh Thanh Cong Investment Joint Stock Company will swap VND 289.34 billion in debt for 28.9 million shares, increasing its ownership to 22.7% of TTC Land's charter capital.
Regarding financial performance, the report for the first half of 2024 shows that TTC Land's revenue reached VND 144 billion, a decrease of 3.7% compared to the same period last year. Pre-tax profit reached VND 16.1 billion, an increase of 15.8%, but after- tax profit decreased by 3.4%, to only VND 5.7 billion.
Currently, TTC Land owns total assets of VND 10,868 billion, with inventory and short-term receivables accounting for a large proportion of total assets. However, cash reserves have decreased by 14.5%, to only VND 115 billion.
TTC Land's SCR shares have been continuously falling in price, closing the October 14th session at 5,260 VND per share.
Source: https://nld.com.vn/lien-tuc-giai-the-cong-ty-con-dieu-gi-dang-xay-ra-voi-ttc-land-19624101508285392.htm
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