HoSE-listed Sun Jupiter Investment JSC (SJF) has announced its resolution to contribute additional capital to staBOO Vietnam Infrastructure JSC.
Specifically, Sun Jupiter Investment plans to invest an additional 200 billion VND in staBOO Vietnam Infrastructure JSC, with the transaction expected to be completed in the third quarter of 2024. If successful, the chartered capital of staBOO Vietnam Infrastructure will increase from 36 billion VND to 236 billion VND, with Sun Jupiter Investment holding an 84.75% stake.
According to Sun Jupiter Investment, the funds for this investment will come from the recovery of other loans.
Sun Jupiter Investment continues to incur losses in the first half of 2024
staBOO Vietnam Infrastructure was established on August 24, 2022, primarily operating in the real estate business, with its head office located on the 8th floor of the SIMCO Song Da building, Van Phuc New Urban Area, Van Phuc Ward, Ha Dong District, Hanoi.
At its inception, the company had a chartered capital of 36 billion VND, with three founding shareholders: Chairman of the Board of Directors, Nguyen Trong Nghia, holding 51%, Bui Trung Hanh owning 48%, and Phan Van Hung with the remaining 1%.
staBOO Vietnam Infrastructure also has another legal representative, Director Nguyen Van Hieu. Nguyen Trong Nghia is no stranger to the company, having served as a member of SJF’s Board of Directors from June 2022 to June 2024. On May 27, 2024, Mr. Nghia resigned from this position for personal reasons.
Sun Jupiter Investment’s announcement of its 200 billion VND investment plan comes amid continuous losses for the company. Specifically, in 2023, Sun Jupiter Investment incurred a net loss of nearly 322 billion VND.
In the second quarter of 2024, Sun Jupiter Investment’s gross loss of over 3 billion VND due to selling below cost led to a post-tax loss of 4.5 billion VND. For the first half of 2024, the company’s post-tax loss amounted to 8.2 billion VND, higher than the loss of 6.7 billion VND in the same period last year.
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