Thanh Cong - Bien Hoa JSC (SBT VN) - Changes In Corporate Leaders
Vietnam's leading, listed sugar producer disclosed that they had successfully changed their own legal representative, from the previous CEO Mr. Nguyen Thanh Ngu to the current CEO, Mr. Thai Van Chuyen. At the same time, the Deputy CEO (DCEO) Ms. Doan Vu Uyen Duyen, who was demoted from Senior DCEO position to DCEO last month, has disclosed her successful sell-off of all her 8.2 million of shares. Earlier this month, Ms. Dang Huynh Uc My Chairwoman had sold nearly half of her stakes in the company, 70 million SBT VN shares, and it lowered the total ownership of her family and related parties from 50.0% down to 40.8%. Meanwhile, a major institutional shareholder named 'Legendary Venture Fund 1', had purchased 32.5 million shares, and it increased their ownership from 7.5% up to 11.9%.
Business performance wise, the company reported a bullish Q2 2024 (Q4 2024 for their unique fiscal year) business results with consolidated net revenue of VND9,490 billion (about USD380 million, up +39.6% YoY) and net income of VND180 billion (about USD7.2 million, up +170.4% YoY). For the fiscal year results, the company recorded consolidated net revenue of VND 29,035 billion (about USD1.16 billion, up +17.3% YoY) and net income of VND734 billion (about USD29 million, up +36.5% YoY). SBT VN closed at VND12,750 per share on 14th August 2024, up +18.6% from its 52-week low of VND10,750 per share in April 2024.
Ho Chi Minh City Infrastructure Investment JSC (CII VN) - Sending Tender Offer To NBB VN Stockholders
Infrastructure developer 'CII' sent their tender to all NBB VN stockholders on 14th August 2024. Following this tender offer, CII plans to purchase 5 million NBB VN shares to increase their holding to 59.6 million shares, equivalent to 59.5% of NBB VN shares outstanding. The buyer's offer price is VND25,488 per share, effective from 19th August 2024 till the end of 1st October 2024. 577 Investment Corporation (NBB VN) has been a subsidiary of CIl for many years and NBB VN closed at VND22,600 per share on 14th August 2024. CII reported a slightly bearish Q2 2024 business result consolidated net revenue of VND699 billion (about USD28 million, down -17.1% YoY) and net income of VND6 billion (about USD0.2 million, down -83.4% YoY). CII VN closed at VND14,450 per share on 14th August 2024, down -35.6% from its adjusted 52-week high of VND22,450 per share in September 2023.
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