VSC plans to transfer over 8.82 million shares, equivalent to 22.05% of its capital in PSP.
The minimum expected transaction price is VND 10,000/share, valuing the deal at over VND 88.2 billion. As of 06/09, PSP shares were trading at VND 11,000/share, up 39% since the beginning of the year. At this price, the Vietnam Container Company is transferring its shares at a 9% discount to the market price.
Apart from VSC, Vietnam Oil and Gas Technical Services Joint Stock Corporation (PTSC) is the parent company of PSP with a 51% stake, while Vietnam-France Joint Stock Company for Animal Feed Production holds 5.41%.
Earlier, in early August, Vietnam Container also approved the divestment of its entire capital contribution in T.S Hanoi Container Line LLC.
As of the end of June, VSC had 7 direct subsidiaries, 2 indirect subsidiaries, and 5 associated companies (including PSP and T.S Line). If the divestment is successful, VSC will be left with only 3 associated companies.Â
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List of VSC’s subsidiaries and associated companies as of the end of June 2024
Source: VSC
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On the other hand, on July 18, VSC announced the completion of a transaction to acquire additional capital contributions in Nam Hai Dinh Vu Port LLC from Commerce and Investment Joint Stock Company Doan Huy and Import-Export Metal Trading Joint Stock Company Huy Hoang. As a result, its ownership in Nam Hai Dinh Vu Port increased to nearly 100% of the charter capital.
VSC completes the acquisition of Nam Hai Dinh Vu Port and is about to pay 2023 dividends
In terms of business performance, in Q2 2024, VSC’s net revenue was nearly VND 718 billion, up 34% over the same period last year; while net profit was VND 68 billion, 3.4 times higher.
In the first 6 months of the year, the company’s net revenue was nearly VND 1,304 billion, up 31%; net profit was nearly VND 113 billion, 2.3 times higher than the same period last year. Compared to the 2024 pre-tax profit plan of VND 320 billion, VSC has achieved 63%.
On 06/09, VSC shares closed at VND 18,600/share, down 5% since the beginning of the year, with an average liquidity of nearly 4.7 million shares/session.
| VSC share price movement since the beginning of 2024 |
