HAGL Agrico transferred 3 more subsidiaries to Thaco
VietReader 7-01-2021, 22:39

HAGL Agrico transferred 3 more subsidiaries to Thaco

The Board of Directors of HAGL Agrico decided to transfer all contributed capital and shares of 3 subsidiaries to Thadi.

On January 6, the Board of Directors of Hoang Anh Gia Lai International Agriculture Joint Stock Company (HAGL Agrico) issued a decision to transfer all contributed capital and shares of 3 subsidiaries to Truong Hai Agriculture Joint Stock Company (Thadi). – a member company of Truong Hai Auto Joint Stock Company (Thaco).

Specifically, the contributed capital and transferred shares include the contributed capital that accounts for 100% of the charter capital of Hoang Anh Quang Minh Rubber Company Limited and Tay Nguyen Cow One Member Company Limited.

Along with that is nearly 95 million shares, equivalent to approximately 99.97% of charter capital, at Hoang Anh Dak Lak JSC.

Thus, this is the 5th time that HAGL Agrico sells its subsidiaries to Thadi.

Recently, the Board of Directors of HAGL Agrico also decided to transfer 100% of the contributed capital owned by An Dong Mia Company Limited to Thadi.

From June to August 2019, HAGL Agrico transferred all the contributed capital of 3 other subsidiaries to Thadi including Indochina Rubber Investment and Development Co., Ltd., Dong Penh Company Limited and One Member Limited Company. Trung Nguyen Rubber.

According to the document of the extraordinary General Meeting of Shareholders scheduled to be held on January 8, recently announced by HAGL Agrico, the Board of Directors of the company proposes to shareholders to approve the plan to swap most of Thadi’s debts to improve the to focus on production and business activities.

As of September 30, 2020, the long-term loan balance of HAGL Agrico enterprises reached nearly 6,632 billion VND, 4.5 times as much as at the end of 2019. In which, loans from Thadi and Thaco were 2,186 respectively. billion and 1,919 billion. In addition, HAGL also has a short-term loan of VND 563 billion Thadi.

Regarding the business situation, accumulated in the first 9 months, HAGL Agrico reached 1,766 billion VND of net revenue, up 38%. The company still had a loss after tax of 343 billion dong, down from a loss of 1,741 billion dong in the same period last year.

As of September 30, HAGL Agrico is having accumulated losses of nearly VND 2,664 billion after nearly 3 consecutive years. Accordingly, HNG’s business results in the fourth quarter of 2020 will determine whether this enterprise will stay or have to leave the HOSE according to regulations.

Source: vietnambiz.vn – Translated by fintel.vn