On March 17, the Board of Directors of Vingroup signed an agreement to sell up to 100% of the charter capital in SDI, the company that currently owns over 99% of the charter capital of Sado Trading Joint Stock Company, a major shareholder of Vincom Retail. The transaction is expected to take place from March 2024 to Q3/2024. After the completion of this transaction, SDI, Sado, and Vincom Retail will no longer be subsidiaries of Vingroup.
Sado Trading Joint Stock Company is currently the largest shareholder of the company, owning 943.2 million shares of VRE, equivalent to 40.5% of the charter capital and 41.51% of the voting rights of the company. Meanwhile, Vingroup directly holds over 18% of Vincom Retail’s capital.
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A recent report by Vietcap Securities revealed that the transfer price of 100% capital in SDI will be around VND 39,000 billion. This price includes the actual ownership shares of SDI in Vincom Retail (equivalent to a valuation of VND 32,000 per share). This price is 20% higher than the current market price of VRE on the exchange, which is VND 26,750 per share.
According to Vincom Retail’s financial data, as of December 31, 2023, the company had total assets of VND 47,653 billion. The market capitalization on the stock exchange at the current time is over VND 60,000 billion.
Vincom Retail currently owns 83 commercial centers located in central locations across 44 provinces and cities in Vietnam. Last year, the company introduced 11 major international brands for the first time in Vietnam, such as Lush, ADLV, Wulao…, and 10 flagship stores with unique and distinctive models at Vincom commercial centers, such as Nike Live, Pizza 4P’s Premium, Aldo, Swarovski.
Vincom Retail stated that in the past year, the company installed a solar energy system in 54 shopping centers, saving VND 12.2 billion and reducing about 12 thousand tons of CO2 emissions into the environment each year. Vincom Retail has implemented source waste sorting and called on the shops in the commercial centers to participate, with 50 tons of recycling waste each year from this initiative.
In 2023, Vincom Retail’s net revenue reached VND 9,791 billion, and after-tax profit reached VND 4,409 billion, an increase of 33% and 58.8% respectively compared to the same period.
In 2024, Vincom Retail plans to open 6 more shopping 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.
