This amount of shares is not restricted from transfer. If successful, the total proceeds from the offering will be VND 148.5 billion, which Taseco Land will use to supplement its investment capital for the construction and infrastructure business of the Dong Van 3 Supporting Industrial Park project (commercially known as Taseco Dong Van 3 Industrial Park) east of the Cau Gie – Ninh Binh expressway. The expected disbursement period is Q4/2024 – Q3/2025.
After the successful additional offering, Taseco Land’s charter capital will increase from VND 2,970 billion to nearly VND 3,119 billion.
Previously, on August 03, Taseco Land held a groundbreaking ceremony for the construction and infrastructure business investment project of Dong Van 3 Industrial Park. The project has a land area of 223ha and a total investment of over VND 2,300 billion.
Groundbreaking ceremony for the Dong Van 3 Industrial Park Infrastructure Development and Business Investment Project
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In late May 2024, Taseco Land’s Board of Directors also approved a project loan for the Dong Van 3 Industrial Park with a value of over VND 1,707 billion at VietinBank, Hanoi Branch, and BIDV, Branch of Transaction 1, with a maximum term of 60 months from the following date of the first disbursement. The interest rate and borrowing method follow the bank’s regulations.
In the stock market, TAL shares were first traded on UPCoM on January 09, 2024, and closed at VND 23,590/share. In the morning session of September 23, TAL’s market price stood at the reference level of VND 18,000, down 24% from its first trading day but 80% higher than the offering price to shareholders.
| Price movement of TAL shares since the first trading day on UPCoM |
Regarding share transactions, Ms. Doan Thi Phuong Thao, wife of Mr. Pham Ngoc Thanh, Chairman of Taseco Land, has just registered to buy 2 million TAL shares from September 24 to October 22, thereby increasing her ownership from 3.52% to 4.19% capital (equivalent to 12.45 million shares).
During the same period, Ms. To Thi Dua, mother-in-law of Chairman Pham Ngoc Thanh, intends to sell all of her nearly 1.4 million TAL shares for personal purposes. If successful, Ms. Dua’s ownership in Taseco Land will decrease from 0.46% to 0% capital.
In terms of business results, in the first six months of 2024, the Company recorded revenue of nearly VND 939 billion, up 87% over the same period last year, but net profit decreased by 71%, reaching over VND 3 billion. Compared to the profit plan of VND 475 billion, the Company still has a long way to go as it has not achieved even 1% of the set target.
In another development, Taseco Land has completed the payment of over VND 445 billion in dividends for 2023 at a rate of 15% in cash (VND 1,500/share) on September 12. The ex-dividend date was August 28, 2024. Taseco Group Joint Stock Company, the direct parent company, currently owns 72.5% of TAL shares and is expected to receive VND 323 billion.
In 2024, the Company plans to pay dividends at a rate of 10-15%.
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