Lottery Company Fails to Sell Millions of Shares in Year-End Auction

The highly anticipated An Giang Lottery is set to auction off 3,018,750 shares of AFX (equivalent to 8.63% equity) with a starting price of 19,838 dong per share, more than double the market price.

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The Ho Chi Minh City Stock Exchange (HoSE) has announced the cancellation of the competitive auction for the sale of shares of An Giang Lottery Company Limited.

According to HoSE, as of 4:00 PM on January 31, 2024, which is the deadline for registration and deposit for the competitive auction of shares of An Giang Lottery Company Limited at An Giang Import Export Foodstuff Joint Stock Company (AFX), HoSE’s competitive bidding system recorded no investors registering for the competitive auction.

Therefore, this competitive auction did not meet the requirements to be organized and is considered unsuccessful.

Prior to this, An Giang Lottery Company Limited had auctioned off 3,018,750 AFX shares (equivalent to 8.63% of the capital) as a whole with an initial price of 19,838 VND per share, corresponding to a total value of about 6 billion VND. This is the entire amount of shares that An Giang Lottery Company Limited holds in AFX. The deposit period was from 8:00 AM on December 19, 2023 to 4:00 PM on December 25, 2023. The auction was scheduled to take place on January 8, 2024. However, due to the absence of registered investors, the auction could not be carried out.

In terms of business performance, for An Giang Lottery Company Limited, the company reported a total revenue of 6,380 billion VND for the whole year 2023, achieving 103.7% of the plan. The total profit reached 844.5 billion VND, surpassing the plan by 109.5%. The tax payment to the budget was 1,835.3 billion VND, an increase of 4.1% compared to the planned amount.

Looking forward to 2024, An Giang Lottery Company Limited aims to achieve a revenue equal to or higher than 2023, a ticket sales rate of at least 99.99%, and a tax payment of at least 1,870 billion VND.

As for An Giang Import Export Foodstuff Joint Stock Company (AFX), the company’s main business lines are processing animal feed and processing grains. The net revenue for the whole year 2023 reached 2,137 billion VND, a growth of 33%. After deducting expenses, AFX’s after-tax profit was nearly 27 billion VND, a slight decrease of 7% compared to the previous year.

In the market, AFX shares closed at 8,700 VND per share on February 2, which is less than half of the auction price set by An Giang Lottery Company Limited.

SOURCEcafef
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