The Joint Stock Company for Automobile Services, Hang Xanh (HAX-HOSE), announces the Board of Directors’ resolution on organizing to collect shareholders’ opinions in writing.
Accordingly, the HAX Board of Directors approved the collection of shareholders’ opinions in writing. The record date is June 5, 2025.
The content is to approve the sale of assets valued at 35% or more of the total asset value stated in the 2024 financial statements, specifically real estate located on Vo Van Kiet Street, An Lac Ward, Binh Tan District, Ho Chi Minh City, with an area of 6,282.6 square meters.
In the consolidated financial statements for Q1 2025, Haxaco’s investment property was valued at over VND 542 billion. This value is for the transfer of land use rights at Vo Van Kiet Street, Ward 3, An Lac, Binh Tan District, Ho Chi Minh City (implemented according to the Board of Management Resolution No. 22/NQ-HDT-HAX dated August 11, 2022, and No. 21/NQ-HDT-HAX dated November 28, 2024) awaiting price increases or development of the complex business project. of cars combined with offices, luxury apartments.
The fair value of these properties was determined by the Group to be higher than the book value as of March 31, 2025.
The Company will authorize the Board of Directors to carry out related tasks after being approved by the Company’s General Meeting of Shareholders, including searching for and selecting partners, negotiating and deciding on the transfer price of real estate in accordance with regulations, ensuring the Company’s interests, drafting, and signing contracts and related documents; and completing all legal procedures in this transaction until completion.
The Company’s Board of Directors agreed to entrust the Board of Directors to prepare documents and facilities to collect shareholders’ opinions in writing.
As of the end of Q1 2025, HAX’s consolidated revenue decreased by 8% to VND 958.6 billion; cost of goods sold decreased by 8% to nearly VND 845 billion, and pre-tax and after-tax profits decreased by 44% and 48%, respectively, to VND 22.7 billion and VND 16.5 billion.
According to HAX, net revenue decreased by 8% and cost of goods sold decreased accordingly, however, the profit margin was still affected by weak market consumption, leading to a 48% decrease in after-tax profit over the same period.
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