HBC offloads loss-making subsidiaries
Hanoi Building Construction Joint Stock Corporation (HBC), a leading construction group in Vietnam, has decided to divest its entire stake in two affiliated companies: Anh Viet Mechanical and Aluminum Glass JSC (32.31% ownership) and Jesco Hoa Binh Technical JSC (47.82% ownership). This move is aimed at streamlining its investment portfolio and focusing on core business areas.
HBC divests from two loss-making affiliates.
Anh Viet, established in 1993, has undergone several capital increases since 2020, with its current charter capital standing at over VND 60.5 billion. Meanwhile, Jesco Hoa Binh, founded in 2008, has a charter capital of over VND 36.4 billion. Mr. Le Quoc Duy, Chairman of Jesco Hoa Binh’s Board of Directors and legal representative, has recently resigned from his positions at HBC and sold his HBC shares.
As of March 31, HBC held investments in seven subsidiaries, four affiliated companies, and three other entities. The decision to exit these two affiliates is a strategic move to cut losses and focus on more profitable ventures.
Vinaconex, Phát Đạt, and Quốc Cường Gia Lai also offload assets
In other news, Vinaconex, Phát Đạt, and Quốc Cường Gia Lai are also divesting from various projects. Vinaconex has completed the sale of its entire 40% stake in Van Ninh International Port JSC, valued at nearly VND 199 billion. Phát Đạt plans to sell its 49% stake in DIDICI for a potential gain of over VND 1,450 billion. Quốc Cường Gia Lai is selling two hydropower plants, Ia Grai 2 and Ayun Trung, as part of its investment restructuring strategy, with expected proceeds of VND 235 billion and VND 380 billion, respectively.
Phát Đạt could earn over VND 1,450 billion from the sale of its stake in DIDICI.
These moves by HBC, Vinaconex, Phát Đạt, and Quốc Cường Gia Lai reflect their strategic decisions to optimize their investment portfolios, focus on core businesses, and seek more profitable opportunities.
The most extensive bribery case ever in Thanh Hoa: Numerous suspects prosecuted for “Giving and Receiving Bribes”
The Provincial Security Investigation Agency (PSIA) of Thanh Hoa province announced on January 31st that it has made the decision to initiate a prosecution against 23 individuals in connection with the offenses of “Accepting bribes” and “Giving bribes” as stipulated in Article 354(3) and Article 364(2) of the Criminal Code.
Accelerating disbursement of the 120 trillion VND credit package for social housing
Deputy Prime Minister Trần Hồng Hà has recently issued directives regarding the implementation of the 120,000 billion VND credit package for investors and buyers of social housing, workers’ housing, and projects for the renovation and construction of apartment buildings.
“Prosecution of government officials, land registration officers, and tax department employees in the largest bribery case ever”
The Thanh Hoa Police Investigative Agency has initiated legal proceedings against 23 individuals involved in the crimes of “Bribery” and “Receiving bribes”. This is the largest bribery case in terms of the number of suspects ever discovered and apprehended by the Thanh Hoa Police.
Mobile World achieves revenue of VND118,000 trillion: TVs, tablets, and phones all decrease by 10% – 50%, while one product grows in both quantity and revenue.
Mobile World Investment Corporation (MWG) has recently announced its 2023 business results. According to the report, the company’s consolidated revenue reached over 118 trillion Vietnamese dong, equivalent to 89% of the revenue in 2022.
