Truong Hai Auto Corporation (THACO) is continuing buying into Hoang Anh Gia Lai Agrico, with chairman Tran Ba Duong more than doubling his ownership in the company.
|THACO spent over VND1 trillion ($43.48 million) buying HAGL Agrico shares|
Hoang Anh Gia Lai (HAG) has just announced completing the sale of 60 million HNG shares of HAGL Agrico.
After the sale, HAG's ownership rate reduced to 51.04 per cent, equivalent to about 452.7 million shares. The trade took place between July 15 and August 2, 2019.
After the deal, THACO holds a total of 393.02 million Hoang Anh Gia Lai Agrico (HNG) shares, equivalent to nearly 35.5 per cent of the capital, including THACO chairman Tran Ba Duong who personally owns 80 million shares, THACO and Tran Oanh (308.02 million shares), and Nguyen Hung Minh, vice chairman of THACO, who owns five million shares.
On the other side, THACO chairman Tran Ba Duong bought 50 million HNG shares, increasing his personal ownership from 3.38 to 9.02 per cent, equivalent to 80 million shares.
He was estimated to have spent more than VND1 trillion ($43.48 million) on this purchase.
In general, THACO and Tran Oanh, who is general director of Tran Oanh Manufacturing and Trading Co., Ltd. and a board member at THACO, currently hold about 18.76 per cent of the capital in HAGL Agrico.
Recently, HAGL Agrico also approved a plan to issue shares to convert over 221,700 convertible bonds at the price of VND10,000 ($0.43) apiece with the conversion rate of 1:1,000, meaning nearly 222 million shares will be issued. The issuance is scheduled for August 9, 2019.
After the issuance, HAGL Agrico's charter capital will increase from VND8.87 trillion ($385.65 million) to VND11.1 trillion ($482.61 million).
According to the list of convertible bondholders, THACO accounts for an overwhelming proportion with 221,688 bonds.
It is known that in August 2018, THACO bought all excess bonds issued by HAGL, and also signed a strategic co-operation agreement with the company, in which the THACO group acquired 35 per cent of HAGL Agrico with a total investment of over VND3.8 trillion ($165.22 million).
Dai Quang Minh Real Estate Investment Corporation, the general director of which is Tran Ba Duong, holds51 per cent of the capital of HNGand plans to raise its ownership to 65 per cent of HAGL Myanmar with an investment capital of VND4 trillion ($173.91 million).
HNG shares are currently traded on the market at VND18.250 ($0.79).per share. VIR
Hoang Anh Gia Lai Agrico (HAGL Agrico) plans to sell its 100 per cent of its stake in Dong Duong Rubber Investment and Development Co Ltd to Thadi Agriculture Production And Processing JSC.