Tan Mai Wood Joint Stock Company’s land-based assets include raw material warehouses, finished product warehouses, office buildings, and a parking lot constructed on an area of 12,340m2 in 2008. The land is state-owned and leased with annual payments until December 31, 2054. In 2009, TMW purchased these assets from the Thanh Cong Cooperative for an initial price of 12.3 billion VND.
The company will sell the entire package, including: 5,040m2 of finished product warehouse, 1,700m2 of raw material warehouse, 81m2 of office space, 26.7m2 of security booth, 91.5m2 of parking lot, and 15.7m2 of toilet facilities. The asset transfer price is 42 billion VND, excluding VAT. The asset viewing period is from August 21 to 23, 2024.
The costs incurred in the asset transfer include the remaining value of the asset of 6.2 billion VND, transfer income tax of 7.1 billion VND, asset appraisal cost of 25 million VND, and customer introduction cost of 2% – equivalent to 840 million VND.
Notice of auction of assets on TMW’s website. Source: TMW
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However, the approval ratio was not significantly skewed: 31 votes representing 57.2% of the total shares with voting rights were in favor. Meanwhile, 2 votes representing 42.6% disagreed with the sale of the said assets. The meeting authorized the Board of Directors and the Executive Committee to carry out the necessary procedures and paperwork related to the sale of assets on the land at Tan Mai Wood Joint Stock Company.
The company justified the sale due to the global economic situation significantly impacting the plywood manufacturing industry. Tan Mai Wood Joint Stock Company has faced challenges, with declining revenue, lack of orders, and months where employees had to take turns taking leave. The company had to maintain production to provide jobs for its workers, leading to a high volume of finished product inventory and ultimately ceasing plywood production.
Currently, the enterprise is transferring some laborers from the plywood workshop to the veneer workshop, resulting in decreased income for the workers. There is still a large amount of unsold finished products, approximately 7.2 billion VND worth, and raw materials worth 3.4 billion VND. Tan Mai Wood Joint Stock Company’s revenue and profit for 2023 were recorded at nearly 22 billion VND and 558 million VND, respectively.
TMW’s revenue plan for 2024 is 63.7 billion VND, including 16 billion VND from plywood, 12.7 billion VND from factory and warehouse leasing, and 35 billion VND from agricultural products. The estimated performance for the first six months of the enterprise is close to half of the year’s target. Pre-tax profit for the first half of the year was 7.5 billion VND, in line with the previously set goal.
This year, TMW anticipates a significant decrease in plywood and veneer orders due to overarching influences. Plywood production was sporadic in the first quarter, resulting in a substantial volume of unsold finished products. Long-term revenue from leasing in Bien Hoa Industrial Park 1 is expected to decline due to the conversion of the industrial park into an urban, commercial, and service area, which will impact the overall efficiency of the enterprise.
As of June 30, 2024, Thanh Binh Private Enterprise held 47.01% of TMW’s capital, with Chairman of the Board of Directors, Pham Duc Binh, as its representative. Mr. Binh also serves as the Chairman of the Members’ Council and owns 90% of Thanh Binh Enterprise’s capital.
Dong Nai Food Industry Corporation holds 33.12% of the capital, with Vice Chairman and CEO Duong Thi My Dung representing 24.12% and Board member Le Thi Thanh Tuyen representing 9%. Additionally, the Dong Nai Development Investment Fund currently owns 6.48%.
TMW, formerly known as Tan Mai Wood Processing Joint Stock Company, was established in 1975 as a state-owned wood processing enterprise. In March 2006, the enterprise underwent privatization and renamed itself Tan Mai Wood Joint Stock Company as it is known today.
| TMW’s business results for the period 2008-2023 |
Tu Kinh
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