On May 12, the Board of Directors of Ha Xanh Automobile Services Joint Stock Company (Haxaco, HOSE: HAX) approved the proposal to seek shareholder approval for the transfer of a prime plot of land on Vo Van Kiet Street, An Lac Ward, Binh Tan District, Ho Chi Minh City.
The land area spans over 6,280 square meters, and the Haxaco leadership aims to sell it for a minimum price of 1.13 trillion VND, equivalent to 180 million VND per square meter. The transaction is expected to take place from May 2025 onwards.
HAX stock surged to the ceiling price during the trading session on May 14, immediately after the Haxaco leadership announced their intention to transfer the prime land. On the morning of May 15, the stock continued to rise by 1% to 14,800 VND per share.
Mr. Do Tien Dung presents on the land with a 85-meter frontage, located next to the White Palace Vo Van Kiet event center, An Lac Ward, Binh Tan District, Ho Chi Minh City.
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According to the resolution signed by Chairman Do Tien Dung, the Board of Directors has authorized the Executive Board to seek partners, negotiate, and decide on the specific transfer price.
At the expected minimum selling price of 1.13 trillion VND, the land transfer could bring hundreds of billions of VND in profit to Haxaco. The company’s Q1/2025 financial report shows an initial investment value of approximately 542 billion VND for this real estate asset.
This real estate was initially acquired by Haxaco in Q3/2022 with the intention to develop a complex for car business, offices, and luxury apartments. Two years later, in November 2024, the company received the transfer of an adjacent land plot from the couple of Chairman Do Tien Dung, resulting in the current land area of over 6,280 square meters.
The potential profit from the land transfer is significant when compared to the scale of the enterprise. As of Q1/2025, Haxaco’s equity stood at 1.49 trillion VND, and the company generated 399 billion VND in net profit during 2022-2024.
– 13:10 15/05/2025
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