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HAGL sells over 48 million shares to pay debts

Hoang Anh Gia Lai Joint Stock Company will sell more than 48.1 million shares of its subsidiary HAGL Agrico (HNG) from January 17 to February 15 to pay debt.

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Hoang Anh Gia Lai will sell over 48 million HNG shares to pay debts. – Photo: VNN

If the share sale is successful, Hoang Anh Gia Lai’s ownership at HAGL Agrico will decrease from 16.07% to 11.73%.

From November 2021 until early this week, both HAG and HNG shares grew strongly. HNG surged nearly 72% to VND13,500.

However, HNG dropped to the floor price at VND11,200 today. At this price, Hoang Anh Gia Lai would get some VND540 billion from 48.1 million HNG shares.

At its recent shareholders’ meeting, the company affirmed that financial restructuring will be one of its major tasks this year. Hoang Anh Gia Lai seeks to reduce its debt to VND5 trillion.

As of the end of the third quarter last year, Hoang Anh Gia Lai had approximately VND8,320 billion worth of debt.

The company targets its revenue and profit at VND4,820 billion and VND1,120 billion this year, respectively.

In related news, the VN-Index of the Hochiminh Stock Exchange lost 14.46 points, or 0.96%, to close at 1,496.05 today, January 13.

Losing stocks outnumbered winning ones by 327 to 146. Some 995.8 million shares worth over VND30.8 trillion changed hands on the southern market, falling 12.4% in volume and 14.4% in value compared with the previous session.

Approximately 18.7 million shares worth over VND1.3 trillion were traded in block deals.

Tan Hoang Minh Group’s decision to cancel a contract to buy the land lot coded 3-12 in the Thu Thiem New Urban Area in HCMC’s Thu Duc City led to a sell-off of real estate stocks, with dozens of them falling to their floor prices.

The strong selling pressure and domino effect made a total of 80 stocks on the Hochiminh Stock Exchange dive to their floor prices.

On the Hanoi Stock Exchange, the HNX-Index fell 2.7%, or 12.81 points, to close at 460.83 points.

The northern bourse had only 65 winning stocks while 201 lost ground, including 44 stocks dropping the floor prices. Some 117 million shares worth more than VND3.58 trillion were transacted, falling 21% in volume and 24% in value against the previous session.

Source: SGT

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