“Haxaco Seeks Buyer for Prime 6,200 sqm Land Plot, Asking Price: VND 1,130 Billion and Up”

Haxaco Joint Stock Automobile Services Company (Haxaco, Stock symbol: HAX, HoSE exchange) has just announced the Board of Directors’ resolution to approve seeking shareholders’ opinions in writing.

Accordingly, the purpose of seeking opinions is to approve the sale of assets valued at 35% or more of the total asset value as recorded in the company’s latest financial statements. The record date for executing this right is June 5, 2025.

Specifically, the asset intended for sale is a real estate property located on Vo Van Kiet Street, An Lac Ward, Binh Tan District, Ho Chi Minh City, with a total area of 6,282.6 sq. m, classified as urban land.

According to Resolution No. 12/NQ-HĐQT-HAX of Haxaco’s Board of Directors, the expected transfer price is no less than VND 180 million/sq. m, with a total transfer value of no less than VND 1,130.8 billion.

According to Haxaco’s consolidated financial statements for the first quarter of 2025, the land lot had an acquisition cost of over VND 542.2 billion as of March 31, 2025. However, the company determined that the fair value of this real estate is higher than the aforementioned book value.

It is known that the aforementioned land lot initially had an area of 5,798.1 sq. m and was part of the N&T Tower Apartment Project of N&T Investment Joint Stock Company and Mr. Bui Trung Quan. Haxaco acquired this land in 2022 for a maximum transfer value of VND 470 billion.

Haxaco’s purpose in purchasing this land lot was to develop the N&T Tower Complex Project, which includes a car business area, offices, and luxury apartments.

Subsequently, in November 2024, the company further expanded its land bank by purchasing an adjacent land plot with an area of 484.5 sq. m from Mr. Do Tien Dung – Chairman of the company’s Board of Directors, for a transaction value of nearly VND 72.7 billion.

In terms of business performance, according to the consolidated financial statements for the first quarter of 2025, Haxaco recorded net revenue of over VND 958.6 billion, a 7.6% decrease compared to the same period last year. After deducting taxes and expenses, the company reported a net profit of over VND 16.5 billion, a decrease of 48.1%.

As of March 31, 2025, Haxaco’s total assets increased by 10.1% from the beginning of the year to over VND 2,653.4 billion. Inventories accounted for VND 976 billion, an increase of 47.7%, and represented 36.8% of total assets.

On the liabilities side of the balance sheet, total liabilities stood at nearly VND 1,161.7 billion, an increase of 26.5% from the beginning of the year. Short-term borrowings and finance leases amounted to nearly VND 938.7 billion, an increase of 40.2%, and accounted for 80.8% of total liabilities.