Investment and Trading Joint Stock Company TNG (coded as TNG on the HNX stock exchange) has just announced a resolution by its Board of Directors regarding the signing of a credit limit contract with Vietnam Industrial and Commercial Bank (VietinBank) – Thai Nguyen Branch.
According to the resolution, TNG intends to borrow a credit limit of VND 650 billion from the bank to supplement working capital, issue guarantees, and open letters of credit (LCs) for the company’s business activities.
In addition, TNG will use the company’s assets as collateral for its obligations at VietinBank – Thai Nguyen Branch.
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In another development, TNG has just published a report on the change in ownership of a group of related foreign investors who are major shareholders, holding 5% or more of the company’s shares.
Accordingly, during the trading session on 6/8/3035, Shinhan Vietnam Bank Limited (Shinhan Bank) sold 169,232 TNG shares through its fund member, Fides Mplus Global General Private Investment Trust 1.
After the transaction, Shinhan Bank’s ownership of TNG shares decreased from nearly 7.36 million shares to nearly 7.19 million shares, equivalent to a decrease in ownership ratio from 6% to 5.86% of TNG’s capital.
Recently, TNG also announced a resolution of the Board of Directors on the implementation of the ESOP share issuance plan and the list of employees eligible to purchase ESOP shares in 2025.
Accordingly, TNG plans to issue more than 6.13 million shares at a price of VND 10,000/share. The right to purchase shares under the ESOP program is non-transferable. The number of shares issued to employees is restricted from transfer for three years from the date of completion of the issuance.
The offering targets are the Chairman of the Board of Directors, members of the Board of Directors (excluding independent members), the Board of General Directors, the Chief Accountant, and employees who have signed labor contracts with the company according to the standards specified in the regulations on the issuance of ESOP shares that have been approved.
The number of fractional shares (after rounding down) and unallocated shares will be distributed to the Chairman of the Board of Directors.
The total expected proceeds from the share issuance will be used to pay for raw materials purchased from suppliers. The expected timeline for the implementation is within 2025, after obtaining permission from the State Securities Commission to offer the shares.
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“TNG Borrows an Additional VND 650 Billion from VietinBank to Expand Production Amid Mounting Debt”
“TNG Investment and Trading Joint Stock Company (HNX: TNG) has been aggressively pursuing large credit agreements with banks, resulting in a significant surge in its loan balance. Despite this, the Company assures that export orders are secured through the fourth quarter of 2025 and anticipates a further expansion in production scale.”
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The Hanoi-based Investment and Trading Joint Stock Company TNG (HNX: TNG) plans to offer over six million shares to its employees and stakeholders at a discounted price of 10,000 VND per share, which is significantly lower than the current market price. This move will see the company’s Chairman, Nguyen Van Thoi, and his two sons being offered nearly 40% of this allocation.
