CityLab’s Financial Performance in the First Half of 2024
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CityLab’s financial report for the first half of 2024 revealed a net loss of approximately 2.94 billion VND, similar to the loss of 2.8 billion VND in the same period last year.
Source: HNX
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CityLab has consistently reported losses in its periodic reports to HNX since 2021. In 2021, the company incurred a loss of 84 billion VND, followed by a heavier loss of nearly 108 billion VND in 2022. This trend continued in 2023, with a loss of nearly 72 billion VND, and the first half of 2024 showed no signs of improvement.
CityLab’s equity has been in negative territory for several years. In 2021, equity stood at negative 114 billion VND. This figure decreased to negative 48 billion VND in 2022 but continued to increase in subsequent years. In the first half of 2024, CityLab’s equity was nearly negative 122 billion VND.
Currently, CityLab has two outstanding bond issues, both issued in 2020, namely CITYLABBOND/14022020 and CITYLABBOND/25082020, with a five-year maturity. The first issue, due on February 14, 2025, has 576,337 bonds with a face value of 100,000 VND each, equivalent to a mobilization of nearly 58 billion VND. The second issue, maturing on August 25, 2025, comprises 460,000 bonds with the same face value, equivalent to a mobilization of 46 billion VND.
The interest rate for the first lot is 9% per annum, while the second lot is 1% per annum, according to HNX records. Interest will be paid once at maturity.
Who is CityLab?
CityLab was established in January 2018 with an initial chartered capital of 454 million VND, fully domestic-owned, primarily engaged in laboratory testing activities. The founding shareholders were Hong Minh Enterprise Trading Co., Ltd. (holding 1%), Ms. Vo Thi Xuan Loan (holding 9%), and Ms. Nguyen Xuan Dung (holding 90%). Ms. Dung served as the company’s General Director and legal representative at the time of its establishment.
In November 2019, the roles of legal representative and General Director were transferred to Mr. Samuel Atticus Perl (born in 1991, American citizen), and later to Mr. Howard Samuel Siegelbaum (born in 1985) in October 2020.
In 2022, CityLab underwent significant changes. In January 2022, the company shifted its focus from laboratory testing to management consulting as its primary business activity. The shareholder structure also changed, with all capital held by foreign investors. VNLab Holding Pte. Ltd., based on Shenton Way, Singapore, held 49.9%, and the remaining 50.1% was owned by CityHealth Holdings Co., Ltd., based in Phu Nhuan, Vietnam.
Despite negative equity for several years, CityLab’s chartered capital has been consistently supplemented since 2022. In March 2022, the chartered capital surged from 454 million VND to nearly 46 billion VND, with the contribution ratio of shareholders remaining unchanged. In November 2022, the chartered capital increased to over 109 billion VND, with VNLab holding 35.7% and CityHealth the remaining 64.3%. In December 2022, CityLab’s chartered capital rose to over 140 billion VND as VNLab contributed additional capital to maintain its holding ratio of 49.9%.
In 2023, the capital increased slightly to over 142 billion VND. Mr. Howard became the Chairman of the Members’ Council and General Director in May 2023. Notably, in the second half of November 2023, Diag Pte. Ltd., based on Anson Road, Singapore, replaced VNLab as a shareholder, maintaining the same contribution ratio. However, based on the registered business ID, Diag and VNLab appear to be the same entity.
Source: National Portal on Business Registration
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Ms. Mai Thanh Thao Uyen.
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In June 2024, the roles of legal representative and General Director were transferred to Ms. Mai Thanh Thao Uyen (born in 1989). Ms. Uyen is also the General Director and legal representative of Lab Group International Vietnam Co., Ltd., the company behind the Diag Medical Center system. The Diag system currently operates 21 facilities in Ho Chi Minh City and was one of the private providers of COVID-19 testing services during the pandemic control period in Vietnam in 2021.
Lab Group International Vietnam Co., Ltd. (Diag) is owned by Integrated Healthcare Holdings LLC (IHH). Established in 2019 and headquartered in Ho Chi Minh City, IHH initially had a chartered capital of 5,000 USD (equivalent to 116.4 million VND) with all domestic shareholders, including Ms. Tran Thi Ngoc Lan holding 29.99%, Ms. Pham Thi Phuong Anh holding 30.01%, and Mr. Nguyen Duc Dung holding 40%. The company was led by Mr. Samuel Atticus Perl (former General Director of CityLab) as General Director and legal representative. IHH has since increased its capital to over 554 billion VND, with VNLab Holding Pte. Ltd. (Diag) holding 49.9% and CityLab Co., Ltd. holding 50.1%. In mid-June 2024, IHH appointed Ms. Mai Thanh Thao Uyen as its General Director and legal representative.
Diag Testing Center
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