Tia Sang Battery Joint Stock Company (stock code: TSB) has just announced the documents for the annual General Meeting of Shareholders in 2023. Accordingly, the company proposed a dividend payment ratio of 5.56% in cash for the year. Therefore, the company will spend around VND 3.75 billion to pay the dividend. This is the entire undistributed after-tax profit of Tia Sang Battery after setting aside funds as of December 31, 2023.
Regarding Tia Sang Battery’s business plan in 2024, the company expects to achieve VND 200 billion in revenue, VND 8 billion in after-tax profit, representing a 27% and 90% increase compared to 2023. The expected dividend payout for 2024 will be 10%. The income of each employee will be around VND 14 million per month.
The company also plans to repair the factory and replace the electrode cutting equipment. In addition, Tia Sang Battery will produce new products such as lithium batteries, lead-acid batteries for bicycles and motorcycles, and expand distribution channels in areas with a shortage of distributors.
In addition, the company submitted to shareholders the dismissal of Ms. Nguyen Thi Thanh Ha as a member of the Board of Directors. Ms. Thanh Ha submitted her resignation letter to the company’s board on February 15. The newly elected member will be Mr. Luong Thanh Tuyen.
It is known that Tia Sang Battery was initially a Tam Bac Battery Factory, established on September 2, 1960, according to the decision of the Minister of Heavy Industry. On May 26, 1993, the company changed its name to Tia Sang Battery Company according to Decision No. 317 QD/TCNSDT dated May 26, 1993 of the Ministry of Heavy Industry.
In October 2004, the company converted into a joint stock company under Vinachem. The company’s main business activities include manufacturing various types of batteries such as dry cell – acid discharge, maintenance-free sealed batteries, trading materials and supplies for battery manufacturing, direct import and export of batteries and accessories, materials, supplies for battery production, and machinery and equipment for battery production.
On March 21, 2023, Duc Giang Chemical Group (DGC) completed the acquisition of 51% of the capital of Tia Sang Battery for about VND 135 billion. Since then, Duc Giang Chemical Group has officially become the parent company of Tia Sang Battery.
