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Hoang Anh Gia Lai Joint Stock Company (HAGL – Ticker: HAG) has just registered to sell 47.5 million HNG shares of Hoang Anh Gia Lai International Agriculture Joint Stock Company (HAGL Agrico – Ticker: HNG) to restructure debts in Bank.
Consequently, the transaction will be carried out in accordance with the settlement method, foreseen in the period between December 31, 2020 and January 29, 2021.
Currently, HAGL owns more than 452.6 million shares of HNG, owns 40.83% of the capital stock of HAGL Agrico. If the transaction is completed, HAGL will reduce the number of shares to 405 million units, equivalent to 36.55% of the capital.
On the stock market, HNG’s shares are trading at VND 14,200 / share (calculated based on December 28 closing price). Temporarily based on market price, HAGL expects to earn around 675 billion dong.
HAG’s divestment took place just before HNG prepares to hold an Extraordinary General Meeting of Shareholders (EGM) to discuss the capital raising plan, scheduled for January 2021.
According to VietTimes, this EGM session is expected to be held on January 8, 2021. Along with the movement to change the ownership structure in the market, the leadership of HNG is likely to change as well, including in the presidency of the president of HNG.
Another source said that a few days ago, the HAG group also offset a significant amount of HNG shares that were pledged in a bank.
As of September 30, 2020, HAGL Agrico has a registered capital of 11,085 million VND. The most recent capital increase was in August 2019 when the company issued more than 221.7 million common shares to convert 2.217 billion dong of bonds.
At the time, although HAGL reduced the ownership rate at HAGL Agrico to below 51%, the group once claimed that it remains the parent company of HAGL Agrico thanks to the majority of “seats” on the Board of Directors and the Owner position. Mr. Doan Nguyen Duc (“Elected” Duc) continues to serve as Chairman of the Board of Directors of HAGL Agrico.
More recently, HAGL Agrico’s Board of Directors decided to transfer 100% of the contributed capital in An Dong Mia One Member Limited Company (An Dong Mia) to Truong Hai Agriculture Joint Stock Company (Thagrico) – member of Truong Hai Auto JSC (Thaco – Ticker: THA).
This company also had many personnel changes with the resignation of the position of Deputy General Manager following the resignation of Mr. Nguyen Quang Anh and Mr. Hoang Huu Duc; dismissing the title of Chief Accountant of Mr. Nguyen Hoang Phi. At the same time, Mr. Phi was re-elected as Deputy General Manager in charge of finance, purchasing and sales.
Accumulating the first 9 months of 2020, HAGL Agrico posted net revenue of VND 1,766 billion, an increase of 38% compared to 2019; The after-tax loss is 342.9 billion dong, while the same period in 2019 is 1.741 billion dong.
In 2020, HAGL Agrico sets the net income target of 4.307 billion dong and profit before tax at 566 billion dong. You can see that at 9 months this company has only met 41% of its revenue target and is far from its profit target.
