The purpose of the transaction is to increase TVC‘s ownership from 58.6 million shares (52.28%) to 61.8 million shares, representing 55.14% of TVB‘s capital. Based on TVB’s closing price of VND 8,250 per share on May 20, the parent company would need to spend approximately VND 26.4 billion to acquire the intended number of shares.
Previously, TVC reported purchasing 2 million TVB shares through matching orders from April 25 to May 14, as registered, increasing its ownership to the current level of 52.28%. The total value of this transaction was estimated at VND 16 billion.
Regarding the relationship between the entities, Nguyen Thi Hang is the Chairwoman of both TVC and TVB. Ms. Hang personally holds 50,000 TVB shares, equivalent to 0.04%. Notably, Ms. Hang was appointed as the Chairwoman and Legal Representative of both TVC and TVB on March 29, replacing Pham Thi Thanh Huyen, the sister of Pham Thanh Tung.
New Chairwoman of TVC and TVB, Nguyen Thi Hang
|
Sister of Pham Thanh Tung resigns, TVC and TVB appoint new Chairwoman
The parent company’s continuous increase in ownership coincides with TVB’s share price surge in 12 out of the last 19 sessions, rising from VND 6,700 per share to above VND 8,000 per share (nearly a 20% increase). TVB was placed under control by HOSE on May 3 due to the company’s late submission of its audited financial statements for two consecutive years.
| Compared to the beginning of 2024, TVB’s share price has increased by nearly 50% |
A TVB representative explained that the company had timely disclosed its Q1/2024 financial statements in accordance with regulations and regularly submitted quarterly reports on the progress of addressing the controlled securities situation. The company also committed to closely following and complying with information disclosure regulations in the securities market.
TVB experienced a remarkable first quarter in 2024, with revenue reaching nearly VND 87 billion (four times higher than the same period last year). After-tax profit surged to VND 41.5 billion, compared to VND 1 billion in Q1/2023. The company attributed the revenue increase primarily to its proprietary trading activities and, to some extent, to the positive turnaround in the stock market compared to the end of 2023.
| TVB has recorded profits for five consecutive quarters since Q1/2023 |
TVB’s 2024 Annual General Meeting of Shareholders is expected to be held online on June 3, based on the shareholder list as of May 2, 2024. Notable agenda items include the 2024 business plan, profit distribution plan for 2023, and the dismissal and election of members of the Board of Directors and the Supervisory Board.
This year, TVB proposes a revenue target of VND 230 billion and an after-tax profit of VND 90 billion, representing increases of over 60% and 42%, respectively, compared to 2023. As of the end of Q1, the company has achieved 38% of its revenue target and 46% of its profit target for the year.
In 2023, TVB returned to profitability, but undistributed profits as of the end of 2023 were negative at VND 119 billion, and as of the end of Q1/2024, they were negative VND 78 billion. TVB plans not to allocate funds to reserves and not to pay dividends for 2023.
