Real Estate Service Joint Stock Company Dat Xanh (Dat Xanh Services, code: DXS, HoSE exchange) on May 23 announced a series of resolutions on the transfer of shares in its subsidiaries.
Accordingly, Dat Xanh Services approved the transfer of all its shares in Dat Xanh Commercial JSC (DXC). The transfer is expected to take place in the second quarter of 2025. After the transfer, DXS will no longer hold shares in DXC.
Similarly, Dat Xanh Services also approved the plan to transfer all its shares in Real Estate Financial Services Joint Stock Company Tulip (Tulip) due to the restructuring of the company’s ownership structure. The transfer is expected to take place in 2025, and the minimum transfer price per share will be equal to the book value at the time of transfer. If completed, DXS will no longer hold shares in Tulip.
As of the first quarter of 2025 financial statements, Dat Xanh Commercial JSC is a direct subsidiary of Dat Xanh Services, with a 70% ownership stake. Real Estate Financial Services Joint Stock Company Tulip is owned by DXS with a 60% stake.
Earlier in May, Dat Xanh Services also approved a resolution on investing/contributing capital/receiving transfers at Tay Land Service Joint Stock Company. Accordingly, Dat Xanh Services intends to acquire nearly 2.3 million shares, equivalent to 55.23% of Tay Land Service’s charter capital, from Cara Group Joint Stock Company. The expected transaction value is a maximum of over VND 22.6 billion, and the implementation time is in the second quarter of 2025.
Dat Xanh Services assigned and authorized Mr. Nguyen Hoang Duc and Mr. Nguyen Bao Toan to represent the company’s entire equity at Tay Land Service until further notice.
It is known that Cara Group (formerly known as Tay Land Service Investment and Development Joint Stock Company) is a subsidiary of Dat Xanh Services with a voting right of up to 61% (as of March 31, 2025).
In terms of business results, according to the first-quarter 2025 consolidated financial statements, Dat Xanh Services recorded net revenue of nearly VND 512.5 billion, down 4% over the same period last year. After deducting taxes and fees, the company reported a net profit of nearly VND 43.3 billion, down 19.2%.
In 2024, Dat Xanh Services set a business target with consolidated revenue expected to reach VND 5,156 billion, up 211% compared to the revenue achieved in 2024.
Thus, by the first quarter of 2025, the company had only achieved 9.9% of its planned revenue.
On the other side of the balance sheet, total liabilities stood at over VND 7,059 billion, up 4.6% from the beginning of the year. This included loans and finance leases of nearly VND 1,970 billion and other short-term payables of nearly VND 2,911 billion.
