Both transactions were made using the method of matching orders or agreements during the period from May 6th to June 4th, 2024.
If successful, Mr. Tam will reduce his ownership rate in SGT from over 35 million shares, or 23.69%, to over 10 million shares, or 6.8%, while DTT Investment and Development will increase its ownership rate to 16.89%, equivalent to 25 million shares. Previously, this company did not hold any SGT shares.
Regarding the relationship, Mr. Tam is currently the legal representative and Director of DTT Investment and Development. Therefore, this is likely an internal transaction between Mr. Tam and DTT Investment and Development.
In addition, Mr. Tam also holds many positions at other companies, such as Chairman of the Board of Directors of Kinh Bac City Development Corporation – JSC (HOSE: KBC), Chairman of Saigon Western Urban Development JSC, Chairman of Saigon – Hai Phong Industrial Park JSC, Member of APEC Business Advisory Council, Member of the Executive Committee of Vietnam Chamber of Commerce and Industry (VCCI),…
Mr. Dang Thanh Tam – Chairman of the Board of Directors of Saigontel
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At the close of the trading session on April 26th, the price of SGT shares closed at VND 11,750/share, up 4% compared to the beginning of the year. Assuming this price, Mr. Tam is expected to earn nearly VND 294 billion, which is also the amount of money that DTT Investment and Development need to spend on the deal.
Price movement of SGT shares since the beginning of 2024
In another development, Saigontel successfully organized the 2024 Annual General Meeting of Shareholders on April 19th. The General Meeting approved a revenue plan of VND 4,000 billion and pre-tax profit of VND 450 billion, 3 times and 6 times higher than the 2023 implementation, respectively, a record high for the Enterprise since 2005.
Despite setting a record business plan, SGT does not plan to pay dividends to shareholders but will retain all accumulated undistributed profits for reinvestment and working capital.
Specifically, SGT plans to continue arranging capital of about VND 3,000-3,500 billion in 2024 through capital increases and mobilization from strategic partners, bank loans, financial institutions, or investment cooperation to implement projects and supplement sources of business capital.
Saigontel AGM: Pre-tax profit plan of VND 450 billion, no dividend payment
