On March 17, the Board of Directors of Vingroup issued Resolution No. 03/2024. According to this resolution, Vingroup has decided that the corporation and its subsidiaries will sell up to 100% of the charter capital in SDI Investment and Development Trading Company Limited.
SDI is the company currently owning over 99% of the charter capital of Sado Trading Business Joint Stock Company, a major shareholder of Vincom Retail. The transaction is expected to be carried out from March 2024 to the third quarter of 2024.
After the completion of this transaction, SDI will no longer be a subsidiary of Vingroup, along with Sado Trading Business Joint Stock Company and Vincom Retail.
It is known that Sado Trading Business Joint Stock Company is the largest shareholder of Vincom Retail, owning 41.5% of the charter capital. Vingroup will still be a major shareholder of Vincom Retail after the transaction, holding 18.8% of the shares.
A representative of Vingroup stated that this is a time when all resources need to be focused on the strong development of Vingroup and key brands with high growth potential. In order to fulfill this mission, Vingroup will devote all its strength, especially financial resources, to create a breakthrough development in the next turning point.
After the transaction, there will be no changes in the organization, management, and operation model of Vincom Retail, as Vingroup will sign a management contract with Vincom Retail. Vingroup will manage the activities of commercial centers, ensuring the rights of tenants and store owners in the commercial centers as committed in the signed contracts.
Sado Trading Business Joint Stock Company is currently the largest shareholder of Vincom Retail, owning 41.5% of the charter capital.
This enterprise started owning VRE shares from February 2021 after the merger with Nam Ha Noi Trading and Urban Development Company Limited. Since April 2021, Sado has officially become the largest shareholder of Vincom Retail after receiving the transfer of an additional 751 million VRE shares.
In 2023, Vincom Retail recorded a net revenue of VND 9,791 billion, with a post-tax profit of VND 4,409 billion, an increase of 33% and 58.8% respectively compared to the same period last year.
Vincom Retail currently owns 83 commercial centers located in central positions across 44 provinces and cities in Vietnam. Last year, the company introduced 11 major international brands to Vietnam for the first time, including Lush, ADLV, Wulao, and opened 10 flagship stores with unique and different models in Vincom malls such as Nike Live, Pizza 4P’s Premium, Aldo, Swarovski.
In 2024, Vincom Retail plans to open 6 more commercial centers with a total retail floor area of about 160,000 square meters, maintaining its position as the leading retail real estate developer in Vietnam and the region.
