Mr. Tran Ngoc Chu, Deputy Chairman of the Executive Board – CEO of Hoa Sen Group (Hoa Sen Group – stock code HSG) has just registered to sell 1.5 million HSG shares for personal financial arrangements. The transaction is expected to be conducted via matching and/or negotiation methods from March 7 to April 5, 2024. If successful, Mr. Chu’s ownership will decrease to 281,147 shares (0.046%).
Previously, from February 1 to March 1, 2024, this individual also registered to sell 1.5 million HSG shares but did not proceed with the transaction due to unfavorable market conditions. On the market, HSG shares are currently trading at a 22-month high of 23,450 VND/share. At this price level, Mr. Chu could earn over 35 billion VND if he sold all the registered shares.
In other news, Hoa Sen Group recently announced the Annual General Meeting documents on March 18, 2024, which includes the annual financial plan for the fiscal year 2023-2024 (from October 1, 2023, to September 30, 2024) with two scenarios:
In Scenario 1, with a consumption volume of 1,625 thousand tons, an increase of 13.3% compared to the same period, the expected revenue is 34,000 billion VND, an increase of 7.4% compared to the same period, and the expected after-tax profit is 400 billion VND, an increase of 12.33 times compared to the performance in the 2022-2023 fiscal year.
Scenario 2, the estimated total consumption volume is 1,730 thousand tons, an increase of 20.7% compared to the same period, the estimated revenue is 36,000 billion VND, an increase of 13.7% compared to the same period, and the expected after-tax profit is 500 billion VND, an increase of 15.67 times compared to the performance in the 2022-2023 fiscal year.
Also at the upcoming Annual General Meeting, Hoa Sen Group will propose to shareholders the restructuring plan and specialization of the steel pipe production and business sector. In which, Hoa Sen Plastic Joint Stock Company will issue shares to the public and list shares on the Stock Exchange in the future.
In addition, Hoa Sen Group will propose to shareholders a dividend payment plan for the 2022-2023 fiscal year with a cash dividend rate of 5%. Besides, the Group will allocate a maximum of 5,000 billion VND for the expansion of business areas.
